Amid the rapidly increasing prices of new vehicles, the American SUV manufacturing giant Jeep’s Indian subsidiary Jeep India quietly increased the price of its Compass SUV by up to Rs 35,000. This recent price hike is the model’s second price increase in the previous three months. This time around the Compass’s prices has been raised by Rs 35,000 for all models save the Sport 2.0 diesel. Only for this model, the price has been increased by Rs 25,000. The last hike on the Compass prices took place in April in which a raise of Rs 25,000 across all models was seen.
Jeep however is not the only automaker that has increased the price of its vehicles. Just a few days ago the Indo-Japanese automaker Toyota Kirloskar Motor hiked the price of its highly popular SUV Fortuner and MUV Innova Crysta. The Fortuner saw a price increase of Rs 61,000, meanwhile, the 4WD version has been increased by Rs 80,000. The price of Toyota Innova Crysta has been increased by up to Rs 86,000 too. This is the third time Toyota has increased the price of Fortuner and Innova Crysta this year.
Toyota stated that the price increase was necessary due to growing input costs and commodity prices. Along with the standard Fortuner, the Legender and the recently announced GR Sport variant have had their prices raised. The price of these models has risen by Rs 1.14 lakh. Ex-showroom prices for the Innova Crysta MPV now start at Rs 18.90 lakh and go up to Rs 26.54 lakh. The petrol model of this popular MPV has remained unchanged, but the diesel manual variants have seen a consistent price increase of Rs 27,000. The Innova Crysta diesel automatic has experienced the greatest price increase.
The list of other manufacturers who recently hiked their prices includes Maruti Suzuki India Limited (MSIL), Mahindra and Mahindra, Kia, Skoda and Hyundai. First up was MSIL which increased the price of all Maruti Suzuki cars including the ones sold in the Arena and the Nexa network. Maruti Suzuki S-Presso received the least hike with a Rs 7,000 increase in the price. Whereas the Ertiga CNG has received the highest price hike of Rs 22,500.
Other than that Mahindra in its recent official announcement said that it will hike the price of its vehicles by 2.5 per cent which will be in the vicinity of between Rs. 10,000 and Rs. 63,000 (ex-showroom), depending on the model and variant. Kia also introduced price hikes recently across its entire model portfolio which ranged from Rs 4,000 to Rs 70,000.
Apart from the frequency of increasing the price tags, the one common thing between all these manufacturers is that they all are blaming the higher input costs of manufacturing automobiles for these recent price hikes. Most of these OEMs have said that the current world scenario of the Russia-Ukraine war, semiconductor shortages and impacts of COVID-19 are the main reasons behind these sudden increments in prices.