If you are planning to buy a luxury car, then its burden on your pocket is going to increase. From April 1, renowned companies like BMW, Mercedes-Benz, and Audi have announced an increase in the prices of their cars in the Indian market. The company announced on Thursday that it will increase the prices of its various ranges by up to 2% from April 1. Due to the weak rupee and increased production costs, luxury car manufacturers are announcing a price increase for their vehicles. The weak rupee is becoming a challenge with increasing logistics and raw material costs. Therefore, from April 1, there will be an increase of up to 2% on various ranges, said BMW Group India President and CEO Hardeep Singh Brar. Santosh Iyer, Managing Director and CEO of Mercedes-Benz India, said that the company plans to increase prices by about 2% every quarter. Audi India’s brand director Balbir Singh Dhillon has said that prices will increase by up to 2% from April 1.
BMW prices to increase by 2%:
BMW Group India on Thursday informed that the company will increase the prices of its BMW and MINI models by up to 2%. BMW Group India President and CEO Hardeep Singh Brar said that “We are forced to increase these prices due to increasing logistics costs, raw material costs, and depreciation of the rupee.” It is worth noting that the price of BMW cars in India starts from Rs 45.30 lakh and goes up to Rs 2.58 crore.
Audi: Audi India will also impose a 2% price hike on all models from April 1. Audi India’s brand director Balbir Singh Dhillon said that the main reason for this is the increase in raw material costs.
Mercedes-Benz: The company plans to increase prices by about 2% every quarter. The decision was taken due to the depreciation of the rupee against the euro, said Brandon Sissing, vice president of sales and marketing of the company.
Why are prices increasing?
The biggest reason behind the rise in luxury cars is the weak position of the Indian rupee in the foreign exchange market. The value of the Indian rupee has fallen to a record low of 93.35 against the US dollar. Most of the luxury cars sold in India, or their components, are imported from Germany and the UK. The rise in the dollar and the euro has increased the production costs of companies. Due to the ongoing unrest in West Asia, the price of crude oil has increased, as well as logistics (transportation) costs. After this price increase, buying premium cars will become more expensive for customers from next month.
