Ford India will increase the price of its entry-level sedan Ikon by up to 1.5 per cent from April as it looks to offset rising component import bills due to rupee depreciation.
“There will be an increase in the prices of Ikon by up to 1.5 per cent from the price we announced last November while launching a new version of the car,” Ford India executive director (marketing, sales and service) Nigel Wark told.
He said the price hike to be effective from April has been necessitated due rupee depreciation. In the last three months the rupee has been losing against the dollar and yesterday it had closed at Rs. 50.70 for a dollar.
“Due to this exchange rate fluctuation our import bills for components have increased and hence we thought it was a logical step to tinker the price upwards a bit to offset the impact,” Wark said.
Ford had introduced the new version of the Ikon last November priced at Rs 5.19 lakh (ex-showroom Delhi) for the diesel variant and Rs. 4.59 lakh for the petrol variant.
He, however, said the price hike would be restricted only to the Ikon as other models have already seen an increase.
With the demand of the petrol version slowly picking up, Wark said the company will be increasing its production of petrol versions of both Ikon and mid-end sedan Fiesta.
Source: Economic Times