Volvo announces to increase car prices from January, explains the reason for rising cost

Automakers like Maruti Suzuki, Tata Motors, Mercedes-Benz and Audi etc. have also announced to increase the prices of vehicles from January.

Volvo will increase car prices

Swedish car maker Volvo will increase the prices of its selected vehicles in India from Rs 1 lakh to Rs 3 lakh from January 1 in view of rising costs. According to the company, due to the increase in the price of raw materials, its cost has also increased, in view of which the decision has been taken to increase the prices. Many other car companies of the country have also announced to increase car prices from January 1.

how expensive are the cars

Volvo Car India said that under the revised prices, its SUV XC40 T4R Design Edition will cost Rs 43.25 lakh with an increase of Rs 2 lakh, while the XC60 B5 Inscription SUV will cost Rs 63.5 lakh with an increase of Rs 1.6 lakh. Similarly, from next month, the company’s sedan S90 car will become expensive by Rs 3 lakh and will cost Rs 64.9 lakh, while SUV XC90 will be available for Rs 90.9 lakh with an increased price of Rs one lakh. Explaining the reason for the price hike, the company said, “Over the years, there have been factors like volatility in foreign exchange, disruption in global supply chains, restrictions imposed by the pandemic and inflation etc. The price has gone up.” Volvo Car India Managing Director Jyoti Malhotra said that like the entire Indian auto industry, Volvo Cars has been affected by rising raw material costs, Volvo Car India will phase out production of all its diesel models. and is making a fully petrol-powered car.

And which companies have announced to increase the price

Skoda Auto recently announced that it will increase the prices of all its vehicles by up to three percent from January 1, 2022. In the domestic market, Skoda Auto sells many models including Kushk, Kodiaq, Octavia. The company’s brand director, Jacques Hollis, had said in a statement that the decision to increase the prices was taken due to the increase in manufacturing cost and operating expenses. Due to the increase in the cost of raw materials like steel, aluminum, the auto manufacturers have to increase the prices of the vehicles. Earlier, auto companies like Maruti Suzuki India, Tata Motors, Toyota Kirloskar Motor, Mercedes-Benz Audi and Honda Cars have announced an increase in the prices of vehicles from next month. All the companies have cited cost escalation as the main reason for increasing the prices.

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