BMW India on Tuesday announced a price hike of 7-10 percent for its BMW and Mini product range in the country. The price rise will take effect from 1 January 2014.

The Indian auto market has been reeling under sluggish demand over the past year due to currency flux and hike in fuel prices. Although several car makers could cling to the market without imposing a price hike during this period, luxury car manufacturers found it more difficult due to higher input costs.

Announcing the price hike Philipp von Sahr, President, BMW Group India said, "BMW is the strongest and the most trusted luxury automotive brand in India. We offer our customers exclusively authentic premium luxury products, which are differentiated by their emotional appeal, uncompromising engineering, innovative technology and outstanding quality. Premium is beyond mainstream. It sets the pace, demands the right ideas, fortitude and determination. At BMW Group, we believe that both profitability and growth are essential for a win-win situation at the end. We are making price decisions with all due care and consideration ensuring that they pay off in the long run."

However, for those who wish to drive a BMW home before 1 January 2014, BMW Financial Services India and MINI Financial Services India will provide a wide range of financial solutions. Through their partnership in the country, the company will also offer lease for individual corporate customers.

BMW has several vehicles in the domestic market, some of which are produced locally at its Chennai plant and the rest brought in as completely built-up units (CBUs). At its Chennai facility, the company produces the BMW 1 Series, 3 Series, 5 Series, 7 Series, X1 and X3. The 6 Series Coupe, 6 Series Convertible, 6 Series Gran Coupe, X5, X6 and Z4 are marketed in India as CBUs. Other models like M5, M6 Coupe, M6 Convertible, 6 Series Individual and 7 Series Individual are also brought in as CBUs.

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