Indian auto companies are on a spree to raise price with Nissan India on Tuesday announcing price hikes across all its models from April 1.
This comes a day after India’s largest car manufacturer Maruti Suzuki announced price hikes to overcome rising input costs.
“There has been continuous escalation in auto component prices, and we have tried to absorb this escalation over the last few months. We are now constrained to increase our prices across all Nissan & Datsun models, the increase varies from variant to variant, while still offering the best value proposition to its discerning Indian customers,” said Rakesh Srivastava, managing director of Nissan Motor India Pvt Ltd, a subsidiary of Japan’s Nissan.
Indian auto companies have been facing rising input cost as steel casting suppliers raised prices over the past few months.
India’s auto sector had already been facing a weak demand even before the COVID-19 pandemic broke out last year, but it has seen a demand revival in the past few months.
XINHUA | MUMBAI