Ford India to hike Ikon prices by April

Ford India to hike Ikon prices by April
PTI
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First Published: Wed, Mar 25 2009. 01 44 PM IST
Updated: Wed, Mar 25 2009. 01 44 PM IST
New Delhi: Ford India will increase the price of its entry-level sedan Ikon by up to 1.5% from April as it looks to offset rising component import bills due to rupee depreciation.
“There will be an increase in the prices of Ikon by up to 1.5% from the price we announced last November while launching a new version of the car,” Ford India executive director (marketing, sales and service) Nigel Wark said.
He said the price hike to be effective from April has been necessitated due to rupee depreciation. In the last three months the rupee has been losing against the dollar and on Tuesday it had closed at Rs50.70 for a dollar.
“Due to this exchange rate fluctuation our import bills for components have increased and hence we thought it was a logical step to tinker the price upwards a bit to offset the impact,” Wark said.
Ford had introduced the new version of the Ikon last November priced at Rs5.19 lakh (ex-showroom Delhi) for the diesel variant and Rs4.59 lakh for the petrol variant.
He, however, said the price hike would be restricted only to the Ikon as other models have already seen an increase.
With the demand of the petrol version slowly picking up, Wark said the company will be increasing its production of petrol versions of both Ikon and mid-end sedan Fiesta.
“When the new Ikon was introduced, demand for diesel against petrol had gone much higher than the average ratio of 80:20, now petrol version is slowly picking up and we are faced with a waiting period. So we will be adjusting the production to meet demand of the petrol version,” Wark said.
For Fiesta, he said the company is looking at maintaining the 70:30 ratio for diesel and petrol versions, he added.
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First Published: Wed, Mar 25 2009. 01 44 PM IST
More Topics: Ford | Ikon | Fiesta | Rupee | Dollar |