Honda Seil Cars India announces to increase the price of all its car models in India. All the cars in production will bear a price raised in the range of Rs 30,000 to 3,00,000 due to depreciation of Indian Rupee. In addition, the cost of production is also increasing gradually that is continuously putting more pressure on the car manufacturer.
Announcing the price hike, Mr Jnaneswar Sen, Vice President, Marketing, said, "The rupee has depreciated by over 16% vs USD in the past 8 months. On the other hand, the Japanese Yen has strengthened by 10.5% during this period. 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."
Honda CR-V is a fully imported unit whose price will be increased Rs 3,54,000. The price of City will be increased in the range of Rs 30,000 to Rs 35,000 and the price of Civic will be raised by Rs 50,000 to Rs 60,000. The Honda Accord will witness a price hike by around Rs 1,00,000.
The revised price of the City, Civic, and CR-V will be effective from April 1, 2009 whereas the new price of Accord will be effective from March 16, 2009.