The Indian division of General Motors is finally succumbing to the heat of the adverse nature of currency movement as well as of high input costs which is the reason why Chevrolet has finally announced a hike of INR 20,000 on all of its vehicles. Chevrolet was facing hindrance in its Indian operations owing to the reasons mentioned above and henceforth had been planning to hike prices since a long time. The price hike will come into effect from today onwards.
P Balendran who is serving as the Vice-President of General Motors India recently gave out a statement highlighting the fact that the depreciation in the value of rupee as per international currency had a downtrodden impact on the operations of the US Automobile Major. This is the reason why the company was forced to switch to its alternative and increase the prices accordingly in order to compensate for the losses that they were concurring. Not only input costs but the freight charge for the vehicles has also shot up much more than what it was before. Thus, most people who were keeping a track of the currency exchange already saw this coming.It is being said that the lower-end models of Chevrolet will suffer a price increase of around INR 8000 whereas the high-end ones will be INR 20,000 more than what they were till now.
This depreciation of rupee value has not only gripped Chevrolet but the same happened with flagship automakers such including Honda, Maruti Suzuki, Renault, Toyota and Audi which also increased their prices few months back. The only company on the grid which has yet to take this step is Tata Motors. Instead of hiking, they decreased the price of Indica V2 and rather launched an upgraded version as a backup.
Conclusion: – Owing to the depreciation of rupee over the past few months, General Motors’ Indian ancillary Chevrolet was forcefully increased the prices of all its vehicles by INR 20,000 from today.