Budget 2016 Impact: Top brands that hiked prices

Maruti Suzuki

The country’s largest car manufacturer announced a rise in prices across its entire range hours before the launch of its much-awaited compact SUV, the Maruti Suzuki Vitara Brezza today. "Following the infrastructure cess on automobiles in the Union Budget 2016-17... prices of models would go up in the range of Rs 1,441 to Rs 34,494 across its models," Maruti Suzuki India (MSI) said in a statement.

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Hyundai

Bearing the brunt of the increased prices, the country’s second largest manufacturer also hiked prices starting from Rs 2,889 for the entry-level Eon, up to Rs 82,906 for the full-fledged Santa Fe SUV. Rakesh Srivastava, senior vice-president (marketing & sales) said, “The increase in taxes has come as a big dampener and will further impact demand creating growth challenges especially for SUVs and diesel vehicles. This will necessitate a revisit of business plans.”

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Honda

The Japanese manufacturer also fell prey to the repercussions of the budget. The prices of its highest-selling model, the Honda City, will now push you back further by an amount ranging between Rs 24,600 – 38,100. The new Honda Amaze was launched post the announcement of the budget with a base price of Rs 5,29,900, going up to Rs 8,19,900.

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Tata

The popular Indian manufacturer, which is set to announce an entirely new range of cars in the near future, has also taken the step of escalating its prices.  Depending on the model, variant and trim, the price change will vary from Rs 2,000 to Rs 35,000. A Tata Motors spokesperson said, “In line with the cess levies from the Budget announcement, we are increasing the prices of our passenger vehicles with immediate effect.”

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Mahindra & Mahindra

The Indian SUV maker became the most recent company to display the effect of the 2016-17 Union Budget as it announced a rise in the prices of its model line-up by amounts ranging between Rs 5,500 and Rs 47,000 as per the model and variants. The change in prices is set to come into effect from April 1. Commenting on the price hike, president and chief executive, Pravin Shah, said that despite the hike in duties on vehicles already in place, the manufacturer would hold off hiking prices to next month allowing customers to avail its products at the pre-budget prices for the month of March.

General Motors

The brand with the sloping plus sign was the latest to jump on the bandwagon by hiking the prices of its entire vehicle range this week. The increase has been reported to be up to an amount of Rs 51,000.

“We are undertaking price adjustments on the entire range of Chevrolet vehicles due to increase in cess,” vice-president (Sales), Hardeep Brar said.

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Nissan

The budget also elucidated a price hike announcement from Nissan Motor India, a wholly-owned subsidiary of Nissan Motor Co. “The increase in prices is in the range of 1-3.5% across models,” a company spokesperson told PTI. The company has raised prices of Datsun models by 1 per cent and that of diesel models, including Terrano and mid-sized sedan Sunny, by 3.25-3.5 per cent, further added the spokesperson.

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Mercedes-Benz

Following added tax on luxury cars, the brand with the three-pointed star also announced a hike of 3 to 5 percent in the ex-showroom prices of all its cars sold in the Indian market, with effect from March 15. MD and CEO, Roland Folger commented that contrary to their expectations of some relief in terms of rationalisation of import and other duties, the introduction of additional duties and taxes in this year’s budget has adversely affected the pricing of its cars.