Car buyers will now have to dig deeper into their pockets with major auto makers set to increase the prices of their vehicles following an increase in input costs.
Tata Motors, leading commercial vehicle manufacturer made an announcement to the effect for its commercial vehicles and some car models.
The price hike will vary across models with Tata Indica and Tata Indigo family seeing a price rise in the range of Rs3,000 to Rs15,000 while the hike in the price of utility vehicles such as Tata Sumo, Tata Grand MK II, Tata Safari and Tata Xenon would be in the range of Rs8,700 to Rs14,500.
Commercial vehicle prices are to rise in the range of Rs1,500 to Rs30,000.
A number of other auto-makers such as Maruti Suzuki, Hyundai Motor India and General Motors also recently indicated they would be increasing the price of their vehicles.
Costs of major inputs, including materials like natural rubber, pig iron, rolled steel and metals such as aluminium and copper, have increased in the last six months.
Natural rubber prices have gone up by 40 per cent while that of pig iron have increased by 25 per cent. Hot rolled steel prices have risen 22 per cent and prices of forging steel have increased by 10 per cent.
