While Maruti Suzuki India (MSI) said it will increase prices of its products by up to Rs 20,000, Toyota Kirloskar Motor said it will also hike prices by 1-2 per cent across all models.
Other companies, Honda Cars India and Volkswagen India said they are also contemplating such a move, but finer details are still being worked out.
The companies said increasing pressure on their margins due to currency fluctuation necessitated the move.
"There will be a hike in the prices of our products. Quantum will vary depending on models, but it can be up to Rs 20,000," Maruti Suzuki India Chief Operating Officer (Marketing & Sales) Mayank Pareek told PTI.
He said the price hike has been necessitated due to increasing pressure on the margins due to the currency fluctuation.
The company currently sells a variety of models from the M800 to imported Kizashi at a price range starting at Rs 2.09 lakh to Rs 17.52 lakh (ex-showroom Delhi).
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Toyota Kirloskar Motor (TKM) also said it would increase prices across its models from January 1. The range will be 1-2 per cent across all models, a TKM spokesperson said.
TKM sells a range of vehicles from hatchback Etios Liva, with price starting at Rs 4.44 lakh to the imported sports utility vehicle Land Cruiser tagged at Rs 99.27 lakh (ex-showroom Delhi).
Honda Cars India also said it is considering price hikes but details are yet to be finalised.
Similarly, a spokesperson for Volkswagen Group Sales India said: "With increasing pressure on input costs and exchange rates, Volkswagen is considering a price hike."