Car prices are revised every year, but since the Covid-19 Pandemic, we have seen multiple hikes because of different reasons. Just after 3 months in 2022 four different foreign carmakers have confirmed to hike car prices from 1st April 2022. Such as the Japanese carmaker, Toyota and the German giants such as Mercedes-Benz, BMW and Audi. This is the second time that most of these carmakers are hiking this year. We see different percentage hikes for different brands.
“Rise in input costs” being the major reason, companies are citing logistical cost and geopolitical situation for this decision. Raw materials such as steel, aluminium, plastics, composites, glass, leather etc have all seen a price hike. As a result, it will affect car prices. We already witnessed Tata hiking their lineup in March and Hyundai in Jan 2022. It is now time for other carmakers to follow the same path.
Toyota Car prices hike from 1st April 2022
Toyota Kirloskar Motor (TKM) has announced up to a 4% hike to their lineup. The newly-launched Toyota Glanza and Camry along with the existing Urban Cruiser, Innova Crysta, Fortuner and the Vellfire prices will go up. It is unsure whether the Hilux pickup unveiled in January will also be affected by this. Toyota has stopped receiving bookings for the Hilux and is yet to announce the launch date.
Mercedes-Benz Car prices hike from 1st April 2022
Mercedes-Benz had already hiked the prices for select few models in Jan 2022. This will be their second hike this year. According to reports only select models from their lineup will be affected by the 2% price hike from 1st April. The list of models along with their updated approximate prices is listed below.[table id=107 /]
BMW will also increase up to 3.5% on most of its models in India. This is also their second hike in the year after their hike in February. However, their subsidiary Mini will not be affected by this. They recently launched the iX all-electric SUV, X3 facelift, X4 facelift and the M4 Competition will be affected. They also plan on introducing the i4 all-electric sedan in India by the first half of 2022.
Audi is the final carmaker on the list that will increase up to 3% on its cars. Just like the other Germans, this is also the second time Audi is increasing their car prices in 2022. They recently launched the Q5 facelift, A4 Premium, Q7 SUV, e-tron and e-tron GT in India. Along with this, they also sell the A6, A8L, S5, Q2, and Q8. It is unclear which models will see a price hike. This could also include the newly introduced e-tron lineup.
The automobile industry has already suffered a lot in the past two years. We have witnessed multiple price hikes and semiconductor shortages affecting production. The ongoing Russia-Ukraine war will also affect the availability of raw materials and crude oil. So this might not be the last price hike in 2022.
1. Which all carmakers have hiked the prices in 2022?
We have already witnessed Maruti Suzuki, Tata Motors, Hyundai and Mahindra hike their car prices in 2022.
2. Will electric cars (EVs) also be affected by these price hikes?
Yes, the price hikes are likely to affect even the electric cars in India.
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