Mercedes Benz to hike prices of select models from October
German luxury carmaker Mercedes-Benz on Monday said it will increase prices of select models in India by up to 2 per cent from October to offset the impact of weakening of Rupee against Euro since the last 6-7 months and the rise in other input costs. While the company did not specify the specific models, it is understood that the price hike will impact its volume models, C-Class, E-Class and GLC by up to Rs 1.5 lakh.
The upward revision of the price will be effective from first week of October. The price correction would be up to 2 per cent, varying across select model range, Mercedes-Benz India said in a statement.
The company sells a range of luxury vehicles, starting from the C-Class sedans starting at Rs 40 lakh to S-Class priced at Rs 1.4 crore.
Commenting on the price hike, Mercedes-Benz India Managing Director & CEO Martin Schwenk said,"The weakening of the currency since the beginning of the year, combined with a sharp increase in the input costs have been a matter of concern, creating significant pressure on our bottom line."
He further said, "To offset these costs and drive a sustainable business, we have few options but to make some nominal yet necessary price adjustments. We as a customer centric brand will be absorbing most of the impact, however passing on a portion of it up to 2 per cent, seems inevitable."
Schwenk said despite the price revision, the company's specially designed financial programmes like 'Wish Box 2.0' and a host of service packages will enable discerning customers "to drive home their favourite Mercedes-Benz and enjoy the vehicle ownership associated with Mercedes".
The company said it has launched 'Unlock with Mercedes-Benz' customised financial solutions offer which includes complimentary first year insurance with loan interest rates at 7.99 per cent for C-Class with EMI starting at Rs 39,999; E-Class with EMI starting at Rs 49,999 and GLC, EMI starting Rs 44,444.
