General Motors India to evaluate price points for cars
General Motors has announced that they will be evaluating their current automobile prices for the Indian car market. This has become necessary due to the fact that raw material prices are on the rise in response to inflationary trends. Various other auto companies too have raised vehicle prices in recent months, and some will be doing so over the September-October period.
Mr. Karl Slym, President of General Motors India has said that the company has been considering appropriate price hikes for some time now but did not reveal any further details. Top auto manufacturers such as Mahindra (M&M), and Toyota have already announced their price hikes.
Recurrent increases in fuel prices coupled with rising rates of Car loan, not to mention economic slowdown and inflation have all resulted in falling growth rates for car sales. Auto companies are not expecting too much in the upcoming festive season when most first time buyers purchase vehicles because it’s auspicious. Taking all the above into consideration, it is only natural that auto companies are compelled to increase vehicle prices in the Indian car market.
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