- From Tata Motors, Maruti Suzuki and Honda to Hero MotoCorp, several automakers have raised the prices of their vehicles to meet new regulatory standards needed for a cleaner environment.
- From April 1, vehicles must have an on-board diagnostics (OBD2) device to monitor real-time driving emission levels to meet the more stringent emission standards under stage two of the BSVI standards.
The auto industry is gearing up for another price hike as the new fiscal year approaches. Typically, car manufacturers increase vehicle prices from April 1
From Tata Motors, Maruti Suzuki and Honda to Hero MotoCorp, several automakers have raised the prices of their vehicles to meet new regulatory standards needed for a cleaner environment.
The Indian automotive industry has prepared to meet the stricter emission standards of stage two of the BSVI standards.
From April 1, vehicles must have an onboard diagnostic (OBD2) device to monitor real-time driving emission levels to meet stricter emissions standards.
On March 23, Maruti Suzuki India said it will raise prices of its model range in April to partially offset the impact of inflation and to comply with regulatory requirements.
The automaker did not share the amount of the price hike it plans to implement from next month.
“The company continues to witness increasing cost pressures due to general inflation and regulatory requirements. While the company is making every effort to reduce costs and partially offset the increase, it has become necessary to pass on some of the impact through a price increase. The company has scheduled this price increase in April 2023, which will vary by model,” Maruti Suzuki said in an exchange filing.
On March 21, Tata Motors also announced a price increase of up to 5% on its commercial vehicles from April 1, 2023. “The decision to raise prices is a result of the company’s efforts to meet stricter BSVI Stage II standards” said Tata Motors in an exchange request.
“As Tata Motors transforms its entire vehicle portfolio to meet these standards, customers and fleet owners can expect a range of cleaner, greener and technologically superior offerings that deliver higher benefits and a lower total cost of ownership,” added Tata Motors.
At the same time,
Two-wheeler manufacturer Hero MotoCorp joined the trend and also made an upward revision of the off-showroom prices of its select motorcycles and scooters by up to 2%. “The price review is mainly necessary because of cost increases due to the transition to OBD 2,” said the carmaker.
The scooter maker also stressed that rural markets have witnessed an upturn in demand, “thanks to government schemes in the social sector and healthy agricultural productions”. the second half of the financial year.
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