The French multinational automobile manufacturer Renault has announced to increase the price of its vehicle from January next year. The price hike is being made to keep a balance with increasing material costs. In a statement released by the French auto major Renault on Thursday said that it will hike the prices of its vehicles from January to balance the rising input and material costs.
The company said in the statement that it would undertake “a substantial price increase” on every type of vehicles with effect from January 2020. However, the price hike will not be the same for different models. The company has a range of vehicles from small cars to SUVs.
“The price increase is on the account of rising input and material costs,” Renault India said in a statement.
Before Renault’s price hike announcement, the major automobile companies including Maruti Suzuki, Mercedes and Toyota also have announced to increase the price of vehicles to offset the rising input costs from January.