New Delhi, Dec 11: Luxury carmaker Mercedes-Benz India on Wednesday said it will increase prices of its entire product portfolio by up to 3 per cent from January in order to offset the impact of rising input costs. The correction in price would be up to the quantum of 3 per cent, varying across the broad model range, the German luxury carmaker said in a statement. Hyundai Price Hike: Hyundai Venue, Creta, Verna Cars To Become Expensive From January 2020.
"We have been reviewing the various cost escalations, including the rise in the commodity and input costs that have been exerting pressure on our bottom line. To run a sustainable business and protect our customers' investment in the brand, there is a need to offset the impact of these rising costs through a moderate price correction," Mercedes-Benz India Managing Director & CEO Martin Schwenk said.
Though the company has been absorbing the majority of these, it is left with few options but to pass on some of the additional costs to the customers, he added. Other carmakers like Nissan Motor India, Maruti Suzuki, Hyundai Motor and Tata Motors have already announced that they will hike prices from January.