Mercedes Benz to hike prices of select models from October

New Delhi: German luxury carmaker Mercedes-Benz on Monday said it will increase prices of select models in India by up to 2 per cent from October to offset the impact of weakening of Rupee against Euro since the last 6-7 months and the rise in other input costs.

While the company did not specify the specific models, it is understood that the price hike will impact its volume models, C-Class, E-Class and GLC by up to Rs 1.5 lakh.

The upward revision of the price will be effective from the first week of October. The price correction would be up to 2 per cent, varying across select model range, Mercedes-Benz India said in a statement.

The company sells a range of luxury vehicles, starting from the C-Class sedans starting at Rs 40 lakh to S-Class priced at Rs 1.4 crore.

Commenting on the price hike, Mercedes-Benz India Managing Director & CEO Martin Schwenk said, “The weakening of the currency since the beginning of the year, combined with a sharp increase in the input costs have been a matter of concern, creating significant pressure on our bottom line.”

He further said, “To offset these costs and drive a sustainable business, we have few options but to make some nominal yet necessary price adjustments. We as a customer-centric brand will be absorbing most of the impact, however passing on a portion of it up to 2 per cent, seems inevitable.”

Schwenk said despite the price revision, the company’s specially designed financial programmes like ”Wish Box 2.0” and a host of service packages will enable discerning customers “to drive home their favourite Mercedes-Benz and enjoy the vehicle ownership associated with Mercedes”.

The company said it has launched ”Unlock with Mercedes-Benz” customised financial solutions offer which includes complimentary first-year insurance with loan interest rates at 7.99 per cent for C-Class with EMI starting at Rs 39,999; E-Class with EMI starting at Rs 49,999 and GLC, EMI starting Rs 44,444.