Volkswagen India to hike prices by up to 3% from January, cites rise in input costs

New Delhi: German auto major Volkswagen on Friday said it will increase prices of its products in India by up to 3 percent from January 2019 citing rising input costs. [caption id=“attachment_2707230” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] Following dynamic changes within the economy and rising input costs followed by a depreciating rupee, there has been a foreseen requirement to increase prices in the passenger vehicle segment, Volkswagen India said in a statement. The company currently sells a range of vehicles starting from hatchback Polo to premium sedan Passat with prices ranging from Rs 5.55 lakh to Rs 32.99 lakh. Commenting on the imminent price hike, Volkswagen Passenger Cars Director Steffen Knapp said, “Over the last few months, we have been facing several fluctuations within the economy, particularly the rise in input costs.” The company has tried to absorb the increasing costs, but in order to maintain quality standards this is an essential move, he added. Other companies, including Toyota Kirloskar, BMW India and Isuzu, have also stated they would increase prices of their vehicles from January to offset the increase in input costs.