Volvo joins other luxury carmakers to announce price hike from New Year

Volvo will join other luxury carmakers in India to hike prices of its cars from next month. The Swedish auto giant has announced that it will increase the prices of models across its lineup from the first day of the New Year. Volvo Car India has said that the price of its models will be increased by up to two per cent from January 1. According to the carmaker, the decision to hike the prices became necessary due to rising input costs as well as volatile foreign exchange rates.

Volvo is the fourth luxury carmaker after Mercedes Benz, Audi and BMW to announce price hike from next month. Almost all carmakers in India have made similar announcements for the same reason. Jyoti Malhotra, Managing Director at Volvo Car India, said, “The decision to adjust prices is in response to evolving market dynamics, forex exchange rate fluctuations, and rising input costs. This move aims to maintain a crucial balance, ensuring the continued delivery of high standards and best driving experiences, reaffirming our commitment to uncompromised quality and safety.”