An increase in the basic import duty announced at the recent budget will result in a price hike across Volvo Cars entire range. The prices will be revised for the new stock which is in the pipeline to be custom cleared as the new duty structure increase will not allow costs to be absorbed, says the company.
Charles Frump, MD, Volvo Car India said, “We are planning to hike prices across our range by up to 5% as a direct impact of duty announced at the union budget. The increased duty comes as a surprise and will have a short-term impact on the automobile industry. However, we are hopeful with the successful roll-out of GST there will be long-term industry stability”.
He further added, “What I would have liked to see is much-needed incentives for hybrids and plug-in hybrids as these solutions have an immediate impact on the environment. Volvo Cars vision is aligned with the Indian Government’s vision of going full electric but till we get to full electric, the interim is hybrids”
Volvo Cars currently markets products through its dealerships in South Delhi, West Delhi, Gurgaon, Ahmedabad, Surat, Mumbai, Chandigarh, Coimbatore, Hyderabad, Chennai, Bangalore, Kochi, Vishakhapatnam, Vijayawada, Jaipur, Pune, Ludhiana and Lucknow.
India News – Automobiles