New Delhi: The Indian arm of German car manufacturer Audi AG on Wednesday increased price of its compact luxury sports utility vehicle Q3 by as much as 2%.

The new price will be effective from 1 October on both the top grade and the base variant of the 2.0 TDI engine, the company said in a statement.

At present the base variant of Q3 costs Rs26.21lakh (ex-showroom Maharashtra) for the base variant and Rs31.49 lakh for the top-end.

Michael Perschke, head, Audi India said that the price increase has come in the wake of uncertain economic conditions but despite that the company is sure of achieving its sales target for the year.

“Due to economic upheavals and rupee devaluation, we have increased the price by 1-2% on both the high grade and base grade version of Audi Q3 2.0 TDI," said Perschke said.

“However, we are still confident of achieving our sales target of 8000 cars at the end of 2012 and Audi Q3 will contribute significantly towards achieving this target."

The company has sold 1000 units of Q3s since its launch in April this year.

In the first 8 months to August this year, the company has sold 5406 cars, registering a growth of 48% over a year ago.

The company plans to open 4 more dealership in India by the end of this calendar year.