Volvo announces a price hike across the portfolio, just excluding the S60 sedan. The company also hints at another price hike later in the year depending on the economic and pandemic situation
Volvo India has announced a price hike across its portfolio. The only car exempted from the price hike is the recently launched Volvo S60 T4 Inscription variant which continues to be priced at Rs 45.9 lakh. The Volvo car and SUVs that have faced a price hike are XC40, XC60, XC90, and S90.
The Volvo XC40 is now priced at Rs 41.25 lakh which is a hike of Rs 1.35 lakh. The XC60 now starts at Rs 60.9 lakh as opposed to its earlier pricing that stood at 59.9 lakh. The price of the flagship SUV, XC90 in its D5 Inscription variant is hiked by Rs 1 lakh and gets a new sticker price of Rs 88.9 lakh. However, the price of the Volvo XC90 Recharge stays the same at Rs 96.65 lakh. The S90, flagship sedan is now priced at Rs 60.9 lakh for the D4 Inscription model.
All the above-mentioned prices are ex-showroom and are effective from May 3, 2021.
Volvo states the reason for the price hike is the rising input costs and the weakening of the Indian currency. The impact of Covid-19 is also one of the contributing factors to the price hike. The last price hike announced by Volvo India was back in 2018, and since then the company has maintained a level price across its portfolio until now. Volvo India has also subtly hinted that there could be another price hike coming our way later in the year, based on the situation and input cost.
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 to relook at the prices and take further increase later in the year, depending on how input costs develop. As an organization focused on safety, we will continue to keep our promise towards our customers and prioritize their safety & well-being.”