Ford India hikes prices

Ford India has announced that it has hiked its prices in the range of one per cent to five per cent depending on the specific model and variant. This hike has been in effect from September 5 and has been attributed to high inflation, stubbornly high interest rates, and the depreciating value of the Rupee.

Commenting on the hike, Vinay Piparsania, executive director, marketing, sales and service, Ford India said, ‘’We have been monitoring the impact of macroeconomic factors on our business. Input costs have been consistently increasing and this is expected to continue for the foreseeable future. Although we have absorbed increases in costs over the past period, the situation is such that we now need to revise the prices of our vehicles. Ford products continue to offer a great value for money proposition to our customers.” 

“Despite near term market challenges we strongly believe in the long term fundamentals and future growth of the Indian automotive industry and are committed to bringing smart, fuel efficient and quality products that excite consumers in this dynamic market,” he added.

The American automaker is not alone hiking its prices and has been joined by a variety of other manufacturers like Toyota, Audi who have all raised their prices for very similar reasons.