MUMBAI: General Motors India has announced plans to hike the prices of all car models manufactured from the company by a maximum of 3% which is going to be effective from the month of January. This move has been made to offset the volatility of the rupee and increasing costs.
General Motors India Vice President P Balendran has made a statement on increasing product prices by January 2013 across all the carlines ranging between 1-3% on the basis of models. He added that the hike was required owing to the fluctuation in currency as well as the rise in input costs.
The Chevrolet car range is manufactured by GM India and the portfolio of the company includes noted brands such as Captiva, Tavera and Spark. The hike in prices of cars by General Motors comes soon after Maruti Suzuki, the current market leader, revised the price of its products by almost Rs 20,000. TKM or Toyota Kirloskar Motor increased prices of all models by 1-2 per cent.