New car prices to head north

Indian currency is currently busy planning heart attacks for Indian car buyers. After a shocker of a gasoline price increase, various car manufacturers in the country have decided to pump up the prices of their products. This is owing to the increased price for the components. Again, this is due to rupee getting weaker as compared to US dollar. 

Mr. Sandeep Singh, Deputy Managing Director (Marketing), Toyota Kirloskar Motors, said: “We have been facing cost pressures over the last few months and have decided to hike the prices. The quantum is yet to be finalised, but the hike should come into effect from June”.

Mr. P. Balendran, President, General Motors India, says: “We are re-considering plans to increase prices from June as customers are hit by the massive increase in the prices of petrol. We do not want to create a double whammy for customers and are planning to postpone the hike till the conditions improve in the domestic market”.