German auto major Volkswagen Friday said it will increase prices of its products in India by up to 3 per cent from January 2019 citing rising input costs.
Following dynamic changes within the economy and rising input costs followed by a depreciating rupee, there has been a foreseen requirement to increase prices in the passenger vehicle segment, Volkswagen India said in a statement.
The company currently sells a range of vehicles starting from hatchback Polo to premium sedan Passat with prices ranging from Rs 555,000 to Rs 3.29 million.
Commenting on the imminent price hike, Volkswagen Passenger Cars Director Steffen Knapp said, "Over the last few months, we have been facing several fluctuations within the economy, particularly the rise in input costs."
The company has tried to absorb the increasing costs, but in order to maintain quality standards this is an essential move, he added.
Other companies, including Toyota Kirloskar, BMW India and Isuzu, have also stated they would increase prices of their vehicles from January to offset increase in input costs.