Renault to raise prices by up to 3% from Jan

Last week, Maruti Suzuki had also said it would hike prices across models by up to Rs 20,000 from January

Carmaker Renault India today said it will hike prices of its products by up to 3 per cent from January, 2016.

"Renault India range of cars will be subject to a price increase of up to 3 per cent from January, 2016," a Renault India spokesperson said in a statement.

Renault India, which is a fully-owned subsidiary of France's Renault SAS, sells seven models - Kwid, Pulse, Scala, Duster, Lodgy, Fluence and Koleos, priced between Rs 2.56 lakh and Rs 23.47 lakh (ex-showroom Delhi).

Last week, the country's largest carmaker Maruti Suzuki India had also said that it would hike prices of its vehicles across models by up to Rs 20,000 from January, joining competitors in making such a move.

Rival Hyundai Motor India had also announced that it would hike prices of its products by up to Rs 30,000 from next month. Already various carmakers including Toyota, General Motors India and German luxury carmakers Mercedes-Benz and BMW have announced a hike in prices of their vehicles across models from January to offset rising input costs.

Experts believe carmakers usually come up with such year-end announcements which help them clear inventories left after the heavy festival discounts on vehicles.