General Motors announce price hike: Blames depreciation of Rupee
Come September and General Motors India will be increasing prices on three of its models by up to INR 10,000. Prices of the Beat, Sail and Enjoy MPV will be increased by 1.5% which the company states is mandatory due to the sudden and unexpected depreciation in the rupee against the US$.
Besides hiking prices of these three models, the company is mulling over whether to extend the price hike to other models as well. At present, Beat comes priced between INR 3.89 lakhs to INR 5.98 lakhs while Sail sedan is priced from INR 4.99 lakhs to INR 7.53 lakhs and the Enjoy is priced from INR 5.49 lakhs to INR 8.04 lakhs.
The price hike comes at a time when the Rupee is steadily weakening against the US Dollar, plunging to an all time low of 68.75 per dollar earlier this week. It will not be long before other auto majors follow suit since most of these companies are importing their products into the country. Mercedes Benz has already announced a price hike, effective from 1st Sep 2013.