On Thursday, Honda Cars India has announced a price hike on all its variants, which will be effective from February 1, 2019. In January 2019, Honda has already increased its prices by to 4 percent and the coming months will find its car getting much costlier. The price hike on CR-V will be Rs. 10000 and on other models upto Rs. 7000 depending on its models.

Senior Vice President and Director, Sales and Marketing of Honda Cars India Ltd., Rajesh Goel said that “there has been huge pressure on costs owing to commodity prices & foreign exchange rates and we had been trying to hold this increase for as long as possible. However, we are now compelled to pass on a part of the increased costs to customers effective Feb 1.”

Recently, some of the significant carmakers such as Tata Motors, Maruti Suzuki, Renault, Ford, Toyota, Nissan, and BMW have also made a hike in price announcement referring to the same reasons. Along with the internal economic reasons, such as rise in input cost and interest rates, global economic aspects like forex rates and taxation on CKD, which are significant for the Japanese company to initiate the correct value of the variants like CR-V and the ready to introduce Honda Civic that are assembled with over 30 percent of  imported components.

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