French car manufacturer Renault plans to increase prices of its models in India b up to three percent from next month to offset the increase in input costs.
Renault has been holding on to the price hike from the past few months but finally decided to increase the prices across its entire product portfolio in the country.
Renault India Operations Country CEO and Managing Director, Sumit Sawhney said, "We are currently working on the exact details but it is going to be in the range of 1.5 to 3 per cent from January next month."
Speaking about the reasons behind this move he added, "In the past few months, the prices of steel have gone up significantly globally and it is impacting us as well."
The revised price will be effective from January 2017. In the Indian market, Renault sells a range of models from Kwid hatchback with starting price of Rs 2.64 lakh to Duster SUV priced at Rs 13.77 lakh (ex-showroom Delhi).
Toyota Kirloskar Motor also announced the raise in prices of its vehicles last week. The price hike will be up to three percent from January 2017. The reason is identical to Renault, due to increased input cost and an upward trend in foreign exchange rates.