Its the second time Honda will be raising its prices
According to Rajesh Gail, senior vice president and director of marketing and sales at Honda Cars India, the price hike is essential due to increased costs. Steel, aluminium, and precious metals prices have all climbed sharply, with many of them reaching all-time highs. According to reports, this has had a major impact on our input costs. The goal is to keep costs as low as possible. As a result, we’re currently determining how much additional expense we can bear and how much we must pass on to our clients.
Many automakers increased vehicle pricing. Several automakers increased the prices of passenger vehicles and two-wheelers earlier this year, citing the same rationale. Honda raised prices in April, and this will be the second time they have done so. Honda’s popular Amaze and City sedans are among Honda’s Indian product offerings.
However, it is unclear how the increase in pricing will effect passenger vehicle demand. Since the lockdown limitations were lifted, demand has soared. In the month of June, almost every major automaker recorded an increase in sales. Almost every organisation, however, emphasises the importance of caution. Factors such as growing input costs, worldwide semiconductor chip shortages, and the prospect of a third wave in the country have the potential to destabilise the economy.