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Mercedes-Benz India to increase car prices by 5% from January 15

Premium car maker Mercedes-Benz India on Friday said it is hiking its car prices by 5 per cent from January 15, owing to the currency depreciation and increasing input costs

Topics
Mercedes-Benz | automobile manufacturer | automobile industry

Press Trust of India  |  Mumbai 

The Mercedes-Benz logo is seen near the Daimler headquarters. Photo: Reuters
The Mercedes-Benz logo is seen near the Daimler headquarters. Photo: Reuters

Premium car maker India on Friday said it is hiking its car prices by 5 per cent from January 15, owing to the currency depreciation and increasing input costs that have pushed up the overall production cost.

With this, the low-end model like C-Class will be costlier by Rs 2 lakh, while top-end models such as AMG GT 63S Door Coupe will cost a customer by Rs 15 lakh more, the company said in a statement.

It added that India will revise upwards the price of its model range effective January. The imminent price correction would be in the range of 5 per cent across models, the company said.

The German car maker said it has been investing in technology in its product range besides introducing certain product enrichments to keep its model range enhanced and updated.

"However, the weakening of the Indian currency compared to the euro in the past six-seven months, combined with an increase in input costs, has been exerting significant pressure on the overall costs," India said.

The car maker added that a combination of all these factors led to a significant increase in the company's operational costs. It prompted the company to revise the ex-showroom prices of the entire model range and continue to build a sustainable and fundamentally strong business, it said.

Mercedes Benz India Managing Director and Chief Executive Martin Schwenk, "At Mercedes-Benz, we offer an enriched product portfolio with the latest features like the Mmc (Mercedes me connect) technology and keep introducing new product enhancements in specific models."

Schwenk added that the company has been operating a sustainable and future-ready business. "However, a necessary price correction is required to offset the continuous rise in input and operational costs."

The new price range of the select vehicles will ensure the brand's premium price positioning, assuring a sustainable growth both for the brand and our dealer partners, he said.

It also said that due to the overwhelming demand, the GLE and GLS SUVs and certain variants of the C and E-Class along with the GLC models are waitlisted.

The German car maker's C-Class petrol and diesel are currently priced at Rs 49.50 lakh and Rs 51.50 lakh, respectively, while AMG GT 4 Door Coupe is priced at Rs 2.60 crore.

Similarly, E-Class petrol and diesel are priced at Rs 67.50 lakh and Rs 68.50 lakh, respectively, while AMG C 63 Coupe comes with a price tag of Rs 1.40 crore.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Fri, January 08 2021. 19:03 IST