Time to buy your new hot wheels? Automakers set to increase prices of vehicles to meet stricter emission norms
- Starting from Tata Motors, Maruti Suzuki and Honda to Hero MotoCorp, several automakers have increased prices of their vehicles to comply with new regulatory norms required for a cleaner environment.
- From April 1, vehicles will need to have an onboard diagnostic (OBD2) device to monitor the real-time driving emission levels to meet the stricter emission norms under phase two of the BSVI standards.
AdvertisementThe auto industry is gearing up for another price hike as the new fiscal year is around the corner. Typically, automakers hike prices of vehicles effective from April 1. This time, the
Starting from Tata Motors, Maruti Suzuki and Honda to Hero MotoCorp, several automakers have increased prices of their vehicles to comply with new regulatory norms required for a cleaner environment.
The Indian auto industry has geared up to meet the stricter emission norms under phase two of the BSVI standards.
From April 1, vehicles will need to have an onboard diagnostic (OBD2) device to monitor the real-time driving emission levels to meet the stricter emission norms.
On March 23, Maruti Suzuki India said it will increase prices of its model range in April to partially offset the impact of inflation and to meet the regulatory requirements.
The automaker did not share the quantum of the price hike it intends to implement from next month.
“The company continues to witness increased cost pressure driven by overall inflation and regulatory requirements. While the company makes maximum effort to reduce cost and partially offset the increase, it has become imperative to pass on some of the impact through a price increase. The company has planned this price increase in April 2023, which shall vary across models,” said Maruti Suzuki in an exchange filing.
On March 21, Tata Motors also announced a price increase of up to 5% on its commercial vehicles starting from April 1, 2023. “The decision to increase prices is a result of the company's efforts to comply with the more stringent BSVI phase II emission norms,” said Tata Motors in an exchange filing.
“As Tata Motors transitions its entire vehicle portfolio to meet these standards, customers and fleet owners can expect a range of cleaner, greener, and technologically superior offerings that deliver higher benefits and lower total cost of ownership,” added Tata Motors.
At the same time,
AdvertisementJoining the trend, two-wheeler maker Hero MotoCorp also made an upward revision in the ex-showroom prices of its select motorcycles and scooters by up to 2%. “The price revision has been necessitated mainly due to cost increases on account of OBD 2 transition,” said the automaker.
The scooter maker also highlighted that the rural markets have been witnessing an upswing in demand, “thanks to the government schemes in the social sector and healthy agricultural outputs.'' Further, the company expects the growth momentum to lead into the upcoming festive season towards the latter half of the fiscal year.
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