A quick look at the possible price hikes for 2023
As the year comes to a close, almost all major automotive manufacturers have announced upcoming price hikes for 2023. Prices of various hatchbacks, sedans, SUVs and EVs spanning across segments and brands are expected to go up in or around January. Volume-based brands like Maruti Suzuki, Hyundai and Tata to luxury marques like Audi and Mercedes Benz- have all announced revisions incoming. Here are more details on the proposed new car price hikes across brands, the reason-blames for which are on the rising input costs.
Maruti Suzuki’s current line-up includes Alto, Alto K10, Baleno, Brezza, Celerio, Ciaz, Dzire, Eeco, Ertiga, Grand Vitara, Ignis, S-Presso, Swift, Wagon R and XL6. The company says that it will raise the prices across its lineup and the extent of the hike will vary depending on the models. The manufacturer also quoted the stricter regulatory requirements by the government as strong reasons for the increased cost pressure.
A price hike of up to Rs 50,000 is to be expected on various Kia models, effective from January 2023. The company states that the price hike is inevitable because of the rise in commodity costs and costs of transportation. The hike will be effective for all the bookings made after December 31, 2022. Kia’s current line-up includes the Carens, Carnival, EV6, Seltos and Sonet.
Tata’s lineup of cars and SUVs- comprising the Altroz, Harrier, Nexon, Punch, Safari, Tiago and Tigor will see notable price hikes next year. Prices of the electric vehicles- Nexon EV, Tigor EV and the new Tiago EV could also go up slightly. The manufacturer says that the updates on its models for keeping up with the upcoming RDE( Real Driving Emissions) norms will also be a reason behind the price revision, along with the rising commodity costs. The Indian manufacturer had recently announced a price hike across its commercial vehicle range.
A4, A6, A8 L, Q3, Q5, Q7, Q8, S5 Sportback, RS 5 Sportback, RSQ8, e-Tron, e-Tron Sportback and e-Tron GT are the current models being retailed in India by Audi AG. The company will increase the price on all their models by up to 1.7 percent, owing to the rise in input and operational costs.
Mercedes Benz India will hike the prices across its line-up by up to 5%. The Merc portfolio consists of hatchbacks and sedans ranging from A class to S class, SUVs like GLA, GLB, GLC, GLE and GLS, various performance-spec AMG models, a couple of Maybachs and all-electric models like the EQC, EQS and EQB.
Honda will increase the prices on all their models by up to Rs. 30,000. The sales of Honda cars like Jazz, WR-V, City and Amaze in the country, have dulled down recently. In this background, it remains to be seen how the hikes would affect the marque’s future here.
Kwid, Kiger and Triber will face price hikes in the upcoming year, due to the increased input and manufacturing costs.
Citroen will add a hike of 1.5 to 2 percent to its models- the C3 and C5 Aircross. The manufacturer hasn’t cited the exact reason yet, but the blame could mostly go on the cost pressure. Citroen C3 hatchback will have its prices go up by Rs 8800 to 16300, while the larger C5 Aircross could witness hikes of up to Rs 73,000.
Jeep has announced 2 to 4% price increases across its SUV models for 2023. The Compass, Meridian, Wrangler, and the recently released Grand Cherokee will become costlier. The Compass had gotten a massive price hike in November, whereby it had become more expensive by at least a lakh!
MG Motor India
Citing increasing input and operational costs, MG has also announced a price hike of Rs 90,000 across its lineup consisting of Hector, Hector Plus, Astor, and Gloster.
Hyundai & Volkswagen
Both these companies have confirmed their intentions to hike the price of their popular models, but haven’t revealed more details about these. Hyundai’s line-up includes Grand i10 Nios, Aura, i20, Venue, Verna, Creta, Alcazar, Tucson and the Kona EV. Virtus, Taigun and Tiguan constitute the VW lineup.