Mumbai: Hit by steep currency fluctuations, Honda Siel Cars India Ltd, the local arm of Japan’s Honda Motor Co., said on Monday it has hiked prices of all the models it sells in the country by Rs30,000-3.5 lakh.
Honda sells its premium sedans, the City, Civic and Accord, as well as its sports utility vehicle, CR-V, in India. Of these, the Accord and CR-V are imported.
The price hike for the CR-V, by Rs3.54 lakh to Rs21.24 lakh, is the steepest. The rupee has depreciated by at least 16% against the dollar the past eight months while the yen has strengthened by 10.5%. “These currency fluctuations have resulted in tremendous increase in cost of imports impacting the bottom lines, but so far, we have refrained from passing them on to the customer. But it is not possible to absorb the impact any more,” Jnaneswar Sen, vice president-marketing, Honda Siel, said in a statement.