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Mercedes to hike prices by up to Rs 58 lakh from April

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New Delhi:

Luxury car-maker Mercedes-Benz India will hike prices of its entire range that will translate into an increase of up to Rs 58 lakh on imported vehicles from April 1, the company said in a statement.

The hike in price ranges from 1 - 4 per cent for locally produced models, and up to 20 per cent for select CBUs (completely built units), the statement added.

The company sells a rage of models starting from the B-Class to SLS AMG with price ranging between Rs 21.5 lakh and Rs 2.9 crore.

Eberhard Kern, managind director and CEO of Mercedes-Benz India, said, "There are several factors that have put significant pressure on our bottomlines. Rising input costs and volatile exchange rates have impacted us, while the recent changes in import duty structure and increase in relevant taxes have put significant stress on our business."

"We have absorbed a portion of the impacts but to retain business viability, we are forced to pass on a part of this burden to the consumers," he added.

In the Budget for 2013-14, Finance Minister P Chidambaram had announced that basic customs duty on new passenger cars and other motor vehicles valued more than $40,000 and/or of over 3,000 cc engine capacity for petrol and over 2,500 cc for diesel would be increased to 100 per cent from 75 per cent earlier.

Also, excise duty on SUVs was raised from 27 per cent to 30 per cent.

Story first published on: March 14, 2013 17:42 (IST)

Tags: Eberhard Kern, Mercedes, Mercedes-Benz, Mercedes-Benz India, Car price hike, P Chidambaram, Budget 2013-14

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