General Motors to hike prices for second time this year
The Indian arm of the American auto-major General Motors is likely to increase prices for the second time this year to offset surging raw material costs.
March 07, 2011 / 19:29 IST
The Indian arm of the American auto-major General Motors is likely to increase prices for the second time this year to offset surging raw material costs.
"We may consider increasing prices again for the second time this year if prices of raw materials continue to increase...the increasing input cost is now the biggest concern for auto-makers," General Motors India''s Vice-President, P Balendran, told PTI here today."We will review the situation (cost of raw materials) by end-this month and will take a call by early next month," he said.GM India had raised car prices across all models by two per cent in January this year."It is a matter of concern that input costs have kept increasing in the last few months. The prices of metals and rubber continue to increase, forcing auto-makers to hike car prices," Balendran said.The auto giant presently sells eight sub-brands in India under Chevrolet--Spark, Aveo UVA, Aveo, Optra, Tavera, Captiva, Cruze and the latest, the compact car Beat.The Detroit-based car-maker plans to launch its iconic Cadillac in the country soon."We will launch our luxury brand, Cadillac, at the right time in India," he said."Our Chevrolet brand is doing well. We will continue to grow in the country in the coming days," he said. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
