The car industry of India is bit gloomy nowadays after depreciating rupee value and the recent hike in petrol prices, the sector is much more in trouble in order to counter both market conditions. Now talking about the falling rupee value and increasing input costs, automakers are being forced to hike their car prices and this will be the third consecutive rise of the year.
These difficult auto market conditions are getting worse and hitting the auto sales output, which experienced a sharp fall of 3% in sales during the April month. So the major automaker are preferring to pass a little bit share of costing on to the customers as they have no other option to face-off the shedding currency value and high import expenses.
Very soon the Toyota and Chevrolet brand of cars will get expensive as both the auto giants have announced to hike the prices and surely the market leader Maruti Suzuki and Hyundai will join the queue.
The Managing Director (Marketing) at Toyota Kirloskar Motors, Mr. Sandeep Singh stated, “Since last several months we are confronting cost pressures and now we have decided to increase the prices of our product range as we are left with no options. But still the quantum is yet to be decided and the hike should come into effect from June 2012.”
Even General Motors will hike the car prices from 1st June and commenting on the same, the Vice President (corporate affairs) of General Motors, Mr. P Balendran remarked, “The depreciation in rupee vale is forcing us to re-consider the plans of enhancing the price of our cars from June onwards. We know that customers are already burdened after the massive increase in the prices of petrol and so we do not want to create a double whammy for customers and are planning to postpone the rise till the conditions improve in the domestic market.”
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