General Motors India will raise prices of its cars by 1-2 per cent by January next year on account of weakening of rupee. The company has, however, increased the price of its Beat diesel car by Rs 15,000 with immediate effect.
“In case of Beat diesel, we had an introductory price. Due to the current currency fluctuations and rising commodity prices, we have no option but pass it on to consumers,” GM India Vice President P Balendran told PTI.
GM has hiked price of Beat diesel by Rs 15,000 with immediate effect, while the rest of the models' prices will go up by 1-2 per cent by January, he added.
GM India, which reported sales of 8,440 units in November, sells Spark, Beat, UVA, Aveo, Optra, Cruze, Tavera and Captiva in India.
Toyota Kirloskar Motor (TKM) has also announced a price hike across all vehicles manufactured by it in India by about 3 per cent from January 1.
The rupee depreciation is putting pressure on firms importing substantial amount of components from overseas. The rupee has depreciated by over 15 per cent in the last three months.
The domestic currency fell by 21 paise to 51.41/42 against the US dollar yesterday at the Interbank Foreign Exchange.
Other car-makers, including Maruti Suzuki India, are also mulling a hike in prices of their products to offset the rising cost of component imports due to the depreciating rupee.