More carmakers announce price hikes from January 2021

More carmakers announce price hikes from January 2021

31st Dec 2020 1:25 pm

Rising input costs and the COVID-19 pandemic are said to be major reasons for the hikes.

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Kia, Hyundai, Maruti Suzuki, MG and Mahindra are just some of the carmakers that have announced price hikes for their models, starting January 2021. It is fairly common for car manufacturers to hike prices at the start of the calendar year, owing to exchange-rate fluctuations and rising input and material costs. The move is also expected to help the brands increase sales in the last month of the year. Let’s take a look at the carmakers who are set to hike prices from next month.

  • Kia will hike prices of the Seltos and Sonet. 
  • All Hyundai, Maruti Suzuki, Mahindra, Honda, Renault models will be costlier. 
  • MG SUV prices will go up by 3 percent. 
  • BMW, Mini prices to rise by up to 4 percent. 

Kia SUV and MPV prices from January 2021 

Kia Motors has conveyed to its dealers that it will be making ‘an upward price correction’ for its Seltos and Sonet SUVs from January. The statement said, “The expected increase will be substantial. Exact extent of price increase will be intimated on January 1”. Interestingly, the document has no mention of hiking prices of the Carnival MPV, which has been Kia’s slowest seller thus far. 

Currently, the Kia Seltos is priced from Rs 9.89 lakh to Rs 17.34 lakh, while the Sonet ranges from Rs 6.71 lakh to Rs 12.89 lakh (ex-showroom, Delhi).

Hyundai car and SUV prices: January 2021

Hyundai India will also hike prices of its models in the new year. The manufacturer has stated that its entire range will go through the price revision due to rise in input and material costs. The price hike will range from Rs 7,521 to Rs 32,800, depending on the model, variant and fuel type.

Maruti Suzuki car and SUV prices: January 2021

Much like Hyundai, India’s leading carmaker Maruti Suzuki will also hike prices across its range due to rising input costs. While the brand has not yet revealed by how much prices will increase, the hike in prices will be dependent on the model in question. Maruti hiked prices of its range in January 2020 as well, but expect the hike to be more substantial for 2021, given the circumstances surrounding the COVID-19 pandemic this year.

Mahindra SUV prices: January 2021 

Home-grown SUV maker Mahindra has also announced that it will hike prices of its vehicles from next year. While the carmaker did not comment on the extent of the hike, it revealed that it would be applicable to its passenger and commercial vehicle portfolios. The carmaker cited rising costs of inputs and commodity prices as reasons for the hike.

MG SUV prices: January 2021

While MG recently announced it would be launching a new seven-seat Hector Plus early next year, it is also preparing to hike prices. The carmaker has said that it will increase prices of all its models currently on sale by up to 3 percent from January 1. The carmaker had hiked prices for the Gloster last month, following the conclusion of the introductory pricing period.

Honda car and SUV prices: January 2021

Dealer sources have confirmed to us that Honda will be revising prices of their cars upwards from January 1, 2020, too. There are, however, no details yet as to how much the increase will be.

Renault car and SUV prices: January 2021

Renault has announced that it will hike prices for its models by up to Rs 28,000 in the new calendar year. In a statement, the carmaker revealed that rising prices of input materials and other costs had necessitated an upward revision in pricing.

BMW, Mini car and SUV prices: January 2021

On the luxury end of the car market, BMW Group India has said that it will be hiking prices for its range of models sold under the BMW and Mini brands by as much as 4 percent from 2021. The carmaker has said that the new prices will come into effect from January 4.

Ford car and SUV prices: January 2021

Ford India is set to hike prices of its range of cars and SUVs by up to 3 percent from January 2021, or between Rs 5,000 to Rs 35,000, depending on the model. The carmaker, however, has said that customers booking their cars in 2020 will not be affected, with the old price remaining applicable for these buyers.

Nissan and Datsun prices: January 2021

Nissan India has announced that it will hike prices of all cars under the Nissan and Datsun brands from January 2021. The Japanese carmaker has said that it will hike prices by up to 5 percent to account for the rising costs of inputs. The hike in pricing is also expected to affect the recently launched Nissan Magnite, with the SUV's introductory pricing period ending on December 31.

Volkswagen prices: January 2021

Volkswagen has announced that it will hike prices of its locally manufactured models, i.e. the Polo and Vento, by up to 2.5 percent from January 1. The carmaker has said that the hike in pricing is in lieu of rising input costs. Prices for the carmaker’s CBU models such as the Tiguan Allspace will not be affected.

Skoda prices: January 2021

Skoda will hike prices across its model range by up to 2.5 percent from January 1, 2021. The carmaker has cited rising input costs “due to significant volatility in the global commodity prices and foreign exchange rates in recent times” as a reason for this revision in pricing.

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