General Motors has decided to evaluate their current automobile prices for the Indian market in light of the rising raw material prices. Mr. Karl Slym, President of General Motors India revealed that the company has been considering implementing appropriate price hikes as other automakers such as Mahindra & Mahindra and Toyota have already announced their hikes. Some carmakers will be raising the prices during the period of September to October 2011.
The price hike for automobile products by various automobile companies is seen as an outcome of the increase in fuel prices and rates of loans along with the slowdown of the economy and the inflation. While some companies hope the car sales to pick up in the upcoming festive season during October and November 2011, others have decided to increase vehicle prices as a last resort against these factors.
