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German luxury carmaker BMW has announced that it will hike prices across the range in India. BMW India will increase the prices of its entire range by 3 percent to 5.5 percent. The updated price will be effective from April 1, 2018.
BMW has decided to increase the prices of its entire product portfolio in India due to the rise in customs duty. The increase in customs duty was announced in the Union Budget 2018. The customs duty on CKD has gone up from ten percent to 15 percent.
Currently, BMW India locally produces the BMW 3 Series, BMW 3 Series Gran Turismo, BMW 5 Series, BMW 6 Series Gran Turismo, BMW 7 Series, BMW X1, BMW X3 and BMW X5. The BMW products in India range from Rs 30 lakh to over Rs 2 crore.
President of BMW India, Vikram Pawah said, "We have been giving our customers some breathing space so that they can make an informed choice. This is why we have been waiting to increase the prices of our cars. But from April 1, 2018, we will be hiking the prices of our vehicles between 3-5.5 percent."
BMW is not the only manufacturer to hike prices in India. Volvo, Audi, Nissan, Datsun and Tata Motors have already announced the increase in prices in the country.
Volvo and Audi have increased the prices due to rise in customs duty, whereas Nissan, Datsun and Tata Motors decided to hike prices because of the rise in input costs.
Thoughts On The BMW Price Hike In India
BMW becomes the latest car manufacturer to increase prices in India. The reason behind the price hike is the rise in customs duty for CKD imports. Almost all luxury car brands in India have announced the increase in prices and if you are planning to buy any of these cars, its best to close the deal before March 31, 2018.