Wanting to purchase a Honda vehicle? Buy right now as costs may increment in August

Honda has decided to increase the prices of cars in India due to the rising prices of raw materials and other input costs. The latest rates will be effective from August. Rajesh Goel, Senior Vice President and Director (Marketing and Sales), Honda Cars India said, “The prices for raw materials like steel, aluminium and precious metals have increased sharply and many of them are at an all-time high, impacting our input costs significantly.”

He also pointed out that Honda is currently working out the details of the price hike which would be implemented from August. “Our endeavour is to keep the cost of acquisition lower, so we are currently deliberating on how much of the additional cost we can absorb and how much will be inevitable to be passed on to our customers. The revised prices will be implemented from next month,” Goel told PTI.

At present, Honda sells various cars in India, including Honda City, Amaze and Jazz, among others. However, the company hasn’t revealed which car models are all set to get expensive starting next month. Honda had earlier increased prices in April this year.

Prior to Honda, Maruti India has also hiked the prices of its cars due to the increasing costs of raw materials. In 2021, the largest automaker in India had increased the prices of cars by up to Rs 34 thousand depending on the car model. Also Read: RBI should not print money to finance fiscal deficit: Economist Pinaki Chakraborty

According to a PTI report, “Steel prices have gone up considerably in the country over the last few months. In June, leading domestic steelmakers had hiked the prices of Hot Rolled Coil (HRC) and Cold Rolled Coil (CRC) by up to Rs 4,000 and Rs 4,900 per tonne, respectively.” Also Read: Withdrawing PF immediately after job change? Think twice or face THESE problems

Honda Cars India is reportedly planning to hike prices of all its products offered in the country owing to a sharp increase in input costs. News agency PTI quoted a company official as saying that rising prices of commodities like steel and precious metals is making a price hike necessary.

Rajesh Giel, Honda Cars India Senior Vice President and Director for Marketing and Sales, told PTI that rising input costs are making a price hike necessary. “The prices for raw materials like steel, aluminium and precious metals have increased sharply and many of them are at an all-time high, impacting our input costs significantly,” he reportedly outlined. “Our endeavour is to keep the cost of acquisition lower, so we are currently deliberating on how much of the additional cost we can absorb and how much will be inevitable to be passed on to our customers.”

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