Mumbai: Come January and those of you were planning to get a new car may have to shell out more as a steep rise in input costs, primarily in copper and aluminium components, has forced the car-makers hiking prices in the New Year.
Car-maker, Ford India has today said it will hike the prices of all its models to offset pressure from higher input costs and exchange rate fluctuations from 1 January.
The company will raise prices between Rs6,000-Rs40,000 across its product range, the company said in a press release issued.
Ford India is a wholly owned subsidiary of Ford Motor. The company makes Ikon, Fusion, Fiesta and sport-utility vehicle Endeavour at its factory near Chennai.
Earlier this month some leading automobile majors like Skoda India, Toyota Kirloskar Motor and Fiat announced that they will hike prices from January next year.
Czech car-maker Skoda India will raise prices of its popular brands, the hatch-back Fabia and sedans Octavia, Laura and Superb, from January by Rs10,000-20,000 on all models.
Auto major, Toyota Kirloskar Motor will also up prices of three of its key models - Innova, Corolla Altis and Fortuner by up to 2% from January 1.
Fiat will also increase prices of two of its cars, the Linea and the Grande Punto by 2-2.5% owing to increasing input costs. The prices would go up by about Rs15,000 on an average and upto Rs25,000 for some of the versions, the company said.
Prices of base metal copper has risen more than 130% this year and is on course to record its biggest annual increase in more than 30 years.
Aluminium rates jumped to %2,165.25 a tonne, its highest level since October 2008. Price of silver, which is also used by the automobile industry in a small way, has risen by 1.4% to % 19.34 an ounce.