Luxury segment auto player, Skoda India, on Monday said that it will increase prices of all models by Rs 10,000 to Rs 25,000 from August 1. The company sells models like Fabia, Octavia, Laura and Superb in the price bracket of Rs 4.5 lakh (Rs 450,000 to Rs 22 lakh (Rs 2.2 million).
The fully-owned subsidiary of SkodaAuto as Czech Republic, has stated that the hike has been made due a corresponding increase in input prices.
Commenting on the hike, Thomas Kuehl, member board of directors (sales and marketing), said, "The price hike has been necessitated by a variety of cost push factors like surge in freight costs and raw materials. The company has made efforts to absorb maximum costs to keep the price rise marginal so then impact to our valued customers is minimised."
A number of other vehicle manufacturers including Maruti Suzuki, Tata Motors, Mahindra and Mahindra and Hyundai are yet to take a decision on price hikes, which will perhaps happen next month, according to respective company executives.