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Price Hike of 5% Implemented By Ford

Price Hike of 5% Implemented By Ford

Snapshot: The 5% hike in prices were not intended by the American automobile manufacturer. The downfall of Indian currency in value and the rapidly failing economy in the country led the company to hike the prices, since their building costs have gone up as well.

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The 5% hike in prices were not intended by the American automobile manufacturer. The downfall of Indian currency in value and the rapidly failing economy in the country led the company to hike the prices, since their building costs have gone up as well. It's not just Ford, only a few days ago the Japanese manufacturer Toyota revealed that they would be hiking the price by 1%. Now both the hikes are effective to balance the mounting participation costs. The hike became officially effective from the 5th of September 2013, the prices of all the models of the brand will be increased from 1% to 5% depending upon the car and its variant, as quoted by Ford India themselves.

However the company did not disclose the details about the exact variants that are going to be effected. Currently the fashionable cars of the brand is the Fiesta, Figo and the new compact crossover EcoSport. So these three automobiles can definitely be predicted to have an increased price tag. Ford India, also said that the rise was due to the falling value of Indian currency and the economic downfall, there is absolutely no other reason for the company to increase the price. Mr. Vinay Piparsania, the executive director of marketing, sales and services of Ford India, also said the same thing about the hike.

Apart from Ford and Toyota, the 3 luxury car manufacturing German giants, Mercedes-Benz, Audi and BMW have already increased the rates of their vehicles by 5% to counter weight the increasing production costs. Merc increased the value by 4.5% of all their cars, Audi upped the value by 4% again for the whole fleet and BMW which also includes the Mini brand hiked it by 5%. Including the Germans, General Motors or GM also increased the price of 3 cars in their lineup by Rs. 10,000.

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