Volvo Cars India is set to increase prices across its entire range, with a planned adjustment of up to two per cent starting January 1, 2024. The company attributes this decision to escalating input costs and fluctuations in foreign exchange rates and aims to address the evolving market dynamics.
The price hike will come into effect from January 1, 2024.
Jyoti Malhotra, Managing Director of Volvo Car India, stated “The decision reflects a response to market changes and the need to navigate shifting forex exchange rates and rising input costs. The price hike is positioned to strike a delicate balance, upholding Volvo’s commitment to unwavering quality and safety in their vehicles.”
Also Read: Mercedes-Benz India To Hike Prices Of Select Models By 2 Per Cent From January 1, 2024
Previously, in February 2023, Volvo Cars India announced a price hike for its range of cars and SUVs. The company said that prices of its mild-hybrid petrol range, comprising the XC40, XC60, S90, and XC90, have been hiked by up to 2 per cent with immediate effect. In its justification, Volvo stated that the hike in prices was necessitated due to an increase in customs duty announced in the recent budget.
The price hike will vary across models.
Volvo Cars India presently offers a lineup comprising five models, including the recently launched C40 Recharge, XC40 Recharge, XC90, XC60, and the S90. Several luxury car manufacturers and prominent brands like Mercedes, Audi, BMW, and Maruti Suzuki, Tata Motors, Mahindra, MG Motor India, Citroen, Skoda, and Volkswagen have also disclosed plans for upcoming price hikes.
Also Read: BMW India To Hike Prices From January 2024
