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

New Delhi, Jul 4: Japanese automaker Honda plans to improve costs of its complete mannequin vary in India from the following month as it appears to be like to offset the influence of a pointy improve within the procurement price of assorted important commodities like metal and valuable metals, in accordance to a senior firm official.

The firm, which sells varied fashions, together with City and Amaze, is presently engaged on the quantum of the rise it will cross on to prospects. Honda CB350 RS Motorcycle Launched in India at Rs 1.96 Lakh; Check Bookings, Features & Specifications.

"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 Cars India Senior VP and Director (Marketing and Sales) Rajesh Goel advised PTI.

The firm is presently 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 firm had earlier elevated costs in April this 12 months. Steel costs have gone up significantly within the nation over the previous couple of months. In June, main home steelmakers had hiked the costs of Hot Rolled Coil (HRC) and Cold Rolled Coil (CRC) by up to Rs 4,000 and Rs 4,900 per tonne, respectively.

HRC and CRC are flat metal merchandise utilized in industries such as auto, home equipment and development. Hence, any rise in metal costs impacts the costs of autos, shopper items, development prices.

Besides, the costs of valuable metals like rhodium and palladium have nearly doubled impacting the manufacturing price.

Rhodium and palladium are used within the catalysers and their demand has gone up manifold due to the introduction of stricter emission norms the world over.

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 value improve in April.

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

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