GM to hike prices by up to 2% in July

General Motors has announced plans to hike prices of its cars by up to 2 per cent in response to change in foreign exchange rate. The price hike will be effective from next month.

All eight cars under the General Motors umbrella - ranging from Chevrolet Spark to Captiva - will be affected by the price hike.

"The company will hike prices across its portfolio between 1-2 per cent with effect from July depending upon the model and variant to partially offset increased cost pressure on account of the recent foreign exchange fluctuations," a company source said.

Earlier this year, GM raised prices of its car by Rs 61,000 to partially offset rise in input costs and expiry of excise duty concessions.