Renault, the French car manufacturer, is planning to increase the prices of entire portfolio in India. The company will hike car prices by up to 3 percent from 1st January 2017 to offset the increased input costs. The French carmaker has been sustaining losses as a result of increase in steel prices in the global market. The price hike will allow the company to sustain its growth in the country. Renault India cars like the KWID, Pulse, Scala, Duster, Lodgy, Fluence and the Koleos will become costlier as a result of the price hike. Also Read: Tata Motors to hike passenger vehicle prices by up to Rs 25,000

Renault Duster Extreme Concept Front

Renault Duster Extreme Concept Front

The price hike on the entire range of Renault cars in India will be effective from 1st January, 2017. This will come as a dampener for customers planning to buy Renault cars in the coming months. Recently, Tata Motors, Nissan and Datsun India also announced a price hike of up to 30,000 from January 2017. The Renault India range starts at INR 2.64 lakh (ex-showroom Delhi) for the Renault KWID while the top-of-the-line Renault Koleos is priced at 24.19 lakh (ex-showroom Delhi). One of the most popular SUVs in India, the Renault Duster is priced at INR 13.77 lakh (ex-showroom Delhi). Read More: New Maruti Swift Dzire 2017 India launch by April-May 2017

Renault Lodgy Stepway

Renault Lodgy Stepway

Speaking about the proposed price hike, Sumit Sawhney, CEO and Managing Director – Renault India, said, “We are currently working on the exact details but it is going to be in the range of 1.5 to 3 per cent from January next month.” Furthermore, he explained the price hike as a result of the increase in raw materials cost. He added, “In the past few months, the prices of steel have gone up significantly globally and it is impacting us as well.” He further revealed, “The company was holding on to the hike for the past few months but now has decided to go ahead with the increase which will entail the entire product portfolio, he added.

Another Japanese car manufacturer, Toyota Kirloskar Motor (TKM), had recently announced a price hike of up to 3 percent on its vehicles from January 2017 to offset the impact of increased input cost along with the consistent appreciation of foreign exchange rates as against the Rupee.