Honda Plans to Hike Vehicle Prices From August as Input Costs Go Up Sharply

Published:Nov 22, 202318:12
Honda Plans to Hike Vehicle Prices From August as Input Costs Go Up Sharply

New Delhi, Jul 4: Japanese automaker Honda plans to extend costs of its complete mannequin vary in India from the following month because it appears to offset the affect of a pointy improve within the procurement price of varied important commodities like metal and valuable metals, based on a senior firm official.

The corporate, which sells numerous fashions, together with Metropolis and Amaze, is at present engaged on the quantum of the rise it will go on to clients. Honda CB350 RS Bike Launched in India at Rs 1.96 Lakh; Verify Bookings, Options & Specs.

"The prices for raw materials like steel, aluminium and precious metals have increased sharply and many of them are at an all-time high, impacting our input costs significantly," Honda Vehicles India Senior VP and Director (Advertising and marketing and Gross sales) Rajesh Goel instructed PTI.

The corporate is at present figuring out the main points of the value hike which might be carried out from August, he added.

"Our endeavour is to keep the cost of acquisition lower, so we are currently deliberating on how much of the additional cost we can absorb and how much will be inevitable to be passed on to our customers. The revised prices will be implemented from next month," Goel famous.

The corporate had earlier elevated costs in April this 12 months. Metal costs have gone up significantly within the nation over the previous few months. In June, main home steelmakers had hiked the costs of Sizzling Rolled Coil (HRC) and Chilly Rolled Coil (CRC) by as much as Rs 4,000 and Rs 4,900 per tonne, respectively.

HRC and CRC are flat metal merchandise utilized in industries akin to auto, home equipment and building. Therefore, any rise in metal costs impacts the costs of autos, shopper items, building prices.

In addition to, the costs of valuable metals like rhodium and palladium have virtually doubled impacting the manufacturing price.

Rhodium and palladium are used within the catalysers and their demand has gone up manifold because of the introduction of stricter emission norms internationally.

With enter price going up, Maruti Suzuki India (MSI) in June introduced that it will improve costs of its complete product portfolio within the September quarter. The auto main has already effected a worth improve in April.

On April 16, MSI had introduced the weighted common worth improve of 1.6 per cent in ex-showroom costs of fashions. On January 18 this 12 months, the automaker had introduced a worth hike of choose fashions by as much as Rs 34,000.

(That is an unedited and auto-generated story from Syndicated Information feed, SociallyTrend Workers could not have modified or edited the content material physique)

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