Volvo Car India announces price hike

Swedish luxury car maker Volvo Car India today announced that it would be increasing the ex-showroom prices of its luxury sedan S90 and premium SUVs, XC40, XC60 and XC90. Effective May 3rd, 2021, these models will see an upward price change ranging from INR 1 lakh to INR 2 lakh. The decision comes in the backdrop of rising input costs and weakening of the Indian currency. The last price hike by the company was announced in 2018 and thereafter it has maintained the price line for all its products.  The decision comes as a result of increased cost in production, a volatile forex situation over the years and the impact of COVID-19 pandemic on the routine business set up.  Mr. Jyoti Malhotra, Managing Director, Volvo Car India “Our commitment to the Indian market and our customers is reflected in the fact that while the Indian auto industry went through price escalation across the spectrum, we at Volvo Cars maintained the prices of all our products for three years since 2018. We are however now faced with a situation where rising input costs leave us with no other option but to share some of these costs with the customer. We may have