Kolkata, Mar 9 (IBNS): Automobile major Volvo has announced an increase in the price of its cars by five percent.
"An increase in the basic import duty announced at the recent budget will result in a price hike across the range. 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," Volvo India said in a statement.
Charles Frump, MD, Volvo Car India shared, “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 a much needed incentives for hybrids and plug-in hybrids as these solutions have an immediate impact on environment. Volvo Cars' vision is aligned with the Indian Governments vision of going full electric but till we get to full electric, the interim is hybrids"
Volvo Cars said it has always focused on providing the best-in-class products at competitive prices with class-leading safety and intuitive technology offered as standard across models.
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