Kia India Plans Price Hike By Up To 3%

Kia India Pvt. on Tuesday said that it will be hiking prices of its vehicles by 3% from April 1. The price increase will be effective across all models.

The Seltos maker attributed the price increase to the rise in cost of materials that include steel, aluminium, and plastics.

Additionally, the automaker pointed out that supply-chain-related expenses have also gone up. These involve costs like shipping, transportation, and logistics that a manufacturer incurs to deliver parts and materials to factories and finished cars to dealerships.

Acknowledging the impact that the price hikes will have on customers, Kia India Senior Vice President-Sales and Marketing Hardeep Singh Brar said, "While we understand that price adjustments can be challenging, this decision has been made to ensure we can continue delivering the high-quality, technologically advanced vehicles that our customers expect from Kia."

He added that the company will be absorbing a significant portion of the increased costs so as to minimise its impact on customers.

Brar said, "As a brand committed to providing exceptional value and quality to our customers, we have always strived to offer the best vehicles at competitive prices."

However, Kia is not the only automaker that has announced price hikes. The rising cost pressures are affecting the entire sector.

Other manufacturers like Maruti Suzuki India Ltd. and Tata Motors Ltd. have also increased prices of their vehicles recently.

While Tata Motors Ltd. hiked prices of its commercial vehicles by 2%, Maruti Suzuki's price increase of up to 4% may vary depending on the model.

—With PTI inputs