Volvo cars to increase price by up to 5%
Kolkata, Mar 12 (IBNS): An increase in the basic import duty announced at the recent budget will result in a price hike of Volvo cars' 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.
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."
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
