BMW India, the Indian arm of the German luxury automobile manufacturer BMW has announced its decision to hike prices across its car portfolio in India in the month of January 2014. The move has been a result of the depreciation of the Indian rupee which has contributed to high import costs for the carmaker.
The hike by BMW India will include the car models from the MINI car range and will come into effect from January 1, 2014. The prices will be increased by a range of 7-10 percent across all BMW and MINI car models.
Commenting on the development, Mr. Philipp von Sahr President BMW Group India stated that decision to hike car prices has been taken keeping in mind all considerations. The luxury carmaker is confident that the decision will eventually pay off in the long run.
Industry experts are of the opinion that price hike is a standard procedure to finish selling the year end stock. Since car buyers prefer buying cars in the new model year, the automakers hike car prices from the month of January and before the beginning of the next year.