Following suit of other auto majors in India, German luxury carmaker BMW on Friday announced that the company will hike the prices of its models in the country from January.
The company, which did not specify the reason behind the latest hike, said that quantum of the price hike will be up to 5% and the increase in price will be effective from the first month of New Year for BMW and Mini product range.
Announcing the hike, Philipp Von Sahr, president, BMW Group India, said "The success of BMW Group India has always been built on long-term thinking and responsible action. We want to maintain sustainable leadership in the Indian market with a strong brand and an exceptional model range with unbeatable product substance. With the price increase, BMW Group will maintain its premium positioning in the Indian luxury car segment," as quoted by PTI.
Currently BMW sells 1, 3, 5, 6 and 7 Series sedans, X1, and X3 and X5 SUVs and sports car M Series and has 37 outlets across the country. Recently, General Motors India announced a price hike for all its models ranging from ₹5,000 to ₹20,000 in owing to the rising input cost.
It was reported earlier that the auto majors like Maruti Suzuki, Hyundai and Honda are mulling over increasing the prices of its models in the country due to rise in the cost of raw materials and logistics.