India's largest car manufacturer, Maruti Suzuki, declared a hike in price by up to Rs 20,000 across its models. The increase in price would be effective from the start of next year and will vary across models.
According to a company spokesperson, the price increase was necessitated by a rise in input cost due to weakening of the rupee. "The price increase has been necessitated on account of the increase in the cost due to the weakening of rupee against the dollar and increase in administrative cost," a company spokesperson told IANS.
The second-largest car manufacturer in the country, Hyundai Motor India Limited, on Wednesday announced a price hike of up to Rs 30,000 across all its models from next January.
"In these challenging market conditions, we are constrained to consider the price increase on account of factors like increase in cost of components, weak rupee, etc," Rakesh Srivastava, senior vice president for sales and marketing, Hyundai Motor India had said.
Toyota Kirloskar Motor (TKM), the Indian arm of Toyota Motor Corporation, announced a hike in price of its entire range of vehicles by 3% on Tuesday.
Earlier this month, Mercedes-Benz India announced it would hike prices of all its models in the country from January 2016 by 2%. Fellow German luxury brand BMW also announced increasing the prices of its entire range of cars sold in India by 3%.