Volvo Car India announces price hike for select models
Volvo Car India on Monday has announced a price hike for select models effective from May 3, 2021. The Volvo models that has become pricier include S90, XC40, XC60, and XC90. As the Swedish automaker claims, these models will see an upward price revision ranging between ₹1 lakh and ₹2 lakh.
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The luxury car brand has also hinted that the price of the Volvo models will see another price hike later this year.
After the price revision, the Volvo S90 D4 Inscription will be available at ₹60.90 lakh, while the Volvo S60 T4 Inscription will be available at ₹45.90 lakh. Among the luxury SUVs sold by the automaker, the Volvo XC40 T4 R Design comes priced at ₹41.25 lakh, while the Volvo XC60 D5 Inscription and Volvo XC90 D5 Inscription will be available at ₹60.90 lakh and ₹88.90 lakh, respectively.
Volvo Car India claims that the decision to increase the pricing of these models has been taken in the backdrop of growing input costs and weakening of the Indian currency. The last price hike by Volvo Car India was announced back in 2018 and thereafter the luxury automaker has maintained the price line for all its products.
Volvo also said that the price hike decision comes as a result of the increased cost of production, a volatile forex situation over the years, and the impact of the ongoing Covid-19 pandemic on the routine business setup.
Talking about the price hike of the select models, Jyoti Malhotra, Managing Director, Volvo Car India, said that the company is facing such a situation that has left it no other option but to share some part of the increased cost of production with the customers.
“Our commitment to the Indian market and our customers is reflected in the fact that while the Indian auto industry went through price escalation across the spectrum, we at Volvo Cars maintained the prices of all our products for three years since 2018. We are however now faced with a situation where rising input costs leave us with no other option but to share some of these costs with the customer,” Malhotra said while also adding that “We may have to relook at the prices and take further increase later in the year, depending on how input costs develop.”