From January 2022, Hero Motocorp and Volkswagen have announced a price increase

Following the announcement of price hikes by several corporations, more manufacturers have announced price hikes beginning in January 2022 to counteract the impact of increased input costs. The country's top two-wheeler manufacturer, Hero MotoCorp, and German carmaker Volkswagen are the latest to announce price hikes. Companies such as Maruti Suzuki India, Tata Motors, Toyota Kirloskar Motor, Honda Cars, Skoda, and Audi have previously stated that vehicle prices will rise beginning next month.

Hero Motocorp announced on Thursday that starting January 4, 2022, it will raise prices across the board by up to Rs 2,000 to offset the impact of rising input costs. Hero MotoCorp said in a statement that the business will increase the ex-showroom prices of its motorcycles and scooters starting January 4, 2022.

It stated that the price adjustment was necessary to partially offset the impact of constantly rising commodity prices. "The price revision will be up to Rs 2,000 and the exact quantum of increase will depend on the model and the market," the two-wheeler maker stated.

Volkswagen Passenger Cars India has also announced that, as a result of growing input and operational costs, it will raise the pricing of the Polo, Vento, and Taigun from January 1, 2022. According to the company, the price increase will range from 2 to 5%, depending on the carline and version. The new Tiguan, which was recently launched in India, would not be affected by the price increase, according to the company.

"Our effort over the years has been to make our brand, products and services more accessible and establish Volkswagen as the brand of choice amongst our customers. Due to the substantial increase in the input and operational costs, we have decided to hike the prices of our product offering ranging from 2-5 per cent and keeping the impact on customers at a minimal level," Volkswagen Passenger Cars India Brand Director Ashish Gupta noted.

Over the recent year, raw material prices such as steel, aluminium, copper, and precious metals have steadily increased, pushing automakers to boost model prices.