The other shock after the hike in petrol prices which waits for the Auto car industry is the price hike of the cars. The big giant in the auto car industry are planning for a yet another price hike, which will be third price hike in the year. The reason behind this price hike is the rupee depreciation which is also increasing the production cost pressures on the company’s. The persistent hike in the prices and fuel has cursed the auto sector due to which there is a downfall of 3 percent in the sales of the cars which was recorded as the lowest sale in the decade.
The manufacturers of the auto industry are claiming that the company’s are not able to bear the cost of importing and the frequent currency change, which is the reason why manufacturers are increasing the price of the cars. Toyota Motors and General Motors India will be announcing the price hike soon and following these companies Maruti India and Hyundai Motor will also increase the prices. Toyota Kirloskar Motors deputy MD (marketing) Mr. Sandeep Singh reported that the company is facing the problems of cost pressure and after looking into the problem this decision had been taken but it is yet not finalized.
From 1st of June General Motors will be increasing the prices of its products but due to the increase in the prices of the petrol this decision of General Motors will be revised. General Motors vice-president (corporate affairs) P Balendran reported that the company will not create any further complication for the customers. 1.5% to 3 % increase had been registered in the prices of the car in January this year but the impact had been noticed after 2%-5% increase in excise in the Union Budget. World's best selling cars also rerecorded a price hike. Toyota Prius has been priced between Rs. 27, 38,500 to Rs.29, 40,500 in India due to the price hike.
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