In a recent development, Honda Cars India has disclosed plans to raise the prices of its vehicle lineup starting January 1, 2024.
This decision comes in light of the company’s efforts to cope with the mounting production costs, as confirmed by a senior official.
Insights from Honda’s VP (Marketing and Sales)
Kunal Bahl, Vice President (Marketing and Sales) at Honda Cars India, stated in a conversation with PTI that the impending price hike aims to alleviate the burden caused by the continuous surge in production expenses.
He added that the finalized price adjustments for various models will be disclosed by the end of this month.
Notably, prices set at the launch of the Elevate model will remain valid only until December 23.
Industry Trend: Tata Motors and Maruti Suzuki Also in the Mix
This move by Honda follows the footsteps of other major automakers like Tata Motors and Maruti Suzuki.
Tata Motors is contemplating an increase in prices for its passenger and electric vehicles from January 2024.
Similarly, industry giants like Maruti Suzuki and Audi have already announced plans to implement price hikes at the onset of the new year, effective January 1, 2024.
Rationale Behind Honda’s Decision
The automotive company cites various reasons for the price adjustments, emphasizing the impact of inflation and the surge in commodity prices.
Despite ongoing efforts to curtail costs, Honda acknowledges the necessity of adapting to the economic challenges posed by inflation.
Consequently, the decision to increase prices has been made to maintain a balance between sustainability and customer satisfaction.
Stay tuned for the finalized price adjustments, which will be communicated by Honda Cars India by the end of this month.
