Ford India to hike prices by 4% to balance rising input costs
Ford tried to minimize the impact of price hike on its customers by absorbing a large part of these incremental costs and capping the price hike to 4%.
Automaker Ford India has decided to increase prices of its models by nearly 4% from January next year in order to partially offset the impact of rising input costs.
Vinay Raina, Ford India Executive Director - Marketing, Sales and Service, reportedly said, "The price increase is necessary due to several external factors, such as frequent fluctuations in commodity prices and rising input and freight costs.”
The price hike of 4% would be implied to all Ford products, even including the newly launched Ford EcoSport, the PTI report said.
In November 2017, the company launched Ford EcoSport priced between Rs 7.31 lakh and Rs 10.99 lakh for petrol range, while its diesel version ranges between Rs 8.01 lakh and Rs 10.67 lakh.
It is expected that Ford EcoSport prices can go up to Rs 30,000 from January 2018.
Ford India’s combined domestic wholesales and exports in November reached 27,019 vehicles from 21,004 vehicles in the same month last year.
Domestic wholesales in November rose to 7,777 vehicles from 6,876 units a year ago, driven by the recently introduced compact SUV new Ford EcoSport. November exports rose to a record 19,242 vehicles, the highest-ever in Ford India’s history, from 14,128 units last year.