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While Toyota and Mahindra have already announced price hikes, other leading car manufacturers are planning to hike prices of their vehicles as well. Profit margins of the auto companies have been impacted off-late by rising input and raw material costs. Also Read - Auto Expo 2020: Maruti Suzuki Unveils New Vitara Brezza With BS6 Petrol Engine
General Motors has said that it will review prices this month while Maruti-Suzuki, Hyundai, Ford and Honda are set to announce hikes soon as well. All the leading manufacturers have already upped their prices by around three percent earlier this year and this latest hike might put a dampener on the coming festive season. Also Read - Auto Expo 2020: Maruti Suzuki to go Green, Unveils Concept Electric Vehicle FUTURO-e
Rising loan rates to tackle inflation and steep fuel price hikes have already impacted sales, with the top three manufacturers – Maruti, Hyundai and Tata having a second consecutive month of negative growth in August.