A leading car company Volvo India is hiking the price on all models by 5% from next month. This rise is due to the increment of the basic import duty which is changed recently in the union budget. New prices will be revised for the next new stock.
Charles Frump, MD Volvo India, said ” We are planning to hike prices across our range by 5%, as s 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 rollout of GST and there will be a long-term industry stability.”
“I expect to see a much-needed incentive for hybrids and plug-in hybrid as these solutions have an immediate impact on the environment. Volvo cars’ vision is aligned with the government’s vision of going full electric but till we get to full electric.”