The Honda Motor Co. logo is displayed outside the venue for a media preview of the N-Box minicar in Tokyo, Japan. (Photographer: Tomohiro Ohsumi/Bloomberg)

Honda Cars Plans To Hike Prices By Upto 1.2% From July

Honda Cars India is considering to increase vehicle prices by up to 1.2 percent from next month to offset rise in cost of raw materials and introduction of new safety features, as per a senior company official.

The company currently sells a range of models from premium hatchback Brio to premium sedan Accord Hybrid, priced between Rs 4.73 lakh and Rs 43.21 lakh (ex-showroom, Delhi).

"We are working on price increase on our models from July," HCIL Senior Vice President and Director Sales and Marketing Rajesh Goel told PTI.

He said the cost of raw material has gone up in the last few months, but the same is currently being absorbed by the company.

Goel said the company is contemplating to pass on some of the increase in input cost to consumers.

"This price increase is due to accumulated raw material cost increases in the past which we have been absorbing so far and also safety regulation implementation.The increase (vehicle cost) would be upto 1.2 percent," he noted.

This is the second time this year that the company is mulling to increase vehicle prices. The company had announced to hike prices by up to Rs 10,000 across its model range with effect from February this year.

In January, various other automakers had announced to increase vehicle prices. Car market leader Maruti Suzuki India had announced to hike prices by up to Rs 10,000.

Besides MSI, automakers like Toyota Kirloskar Motor and utility vehicle maker Isuzu Motors India had also announced plans to hike prices of their respective models from January.

Also read: Maruti, M&M Cut Production As Auto Sales Fail To Improve

Bloomberg Quint

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