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Renault India, an automobile giant, on Wednesday announced that the company will hike the prices of its vehicles across models from next January 2023 to partially offset rising input costs.

The automaker sells Kwid, multi-utility vehicle Triber and compact SUV Kiger with prices ranging from 4.64 lakh to 10.62 lakh. However, it did not disclose the information on the impending price hike.

"Reasons for the price hike are to partially offset the impact of constant increases in input costs largely driven by pricier commodities, fluctuations in foreign exchange rates, inflation and also due to regulatory obligations," Renault India said in a statement.

According to the company, India is a key market for it and has a long-term strategy to grow the brand with plans to bring several new innovations in products and services for the diversified Indian customers.

Commenting on the localisation of its range, the automaker said, "Renault has a strong 'India strategy' with a heavy emphasis on localisation in its current and future range of products, offering customers a compelling value proposition."

Meanwhile, Audi India has also announced on Wednesday that the company will hike the prices for the new year and confirmed an increase of up to 1.7 percent across all its model range. These new prices will be effective from January 1, 2023 and the manufacturer says these could not be avoided due to rise in input and operational costs.

Commenting on the price hike, Balbir Singh Dhillon, Head of Audi India said, “The primary objective of Audi India’s business strategy focuses on a model that begets profitability and sustainability. The price correction is affected as a result of the rising supply-chain related input and operational costs. The new price range for our models is directed at maintaining the premium price positioning of our brand, ensuring sustainable growth for Audi India and our dealer partners. As a brand, we have always focused on human centricity and we continue to ensure that the impact of the price hike is as minimal as possible for our customers."

(Inputs from PTI)

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