Volvo Cars India on Friday said it plans to hike prices across its range of vehicles by up to five per cent in order to offset the impact of the increased import duty announced in the Union Budget 2018-19.
According to the company, the prices will be revised for the new stock which is in the pipeline to be custom-cleared as the new duty structure will not allow costs to be absorbed.
"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 (Goods and Services Tax) there will be long-term industry stability," Charles Frump, MD, Volvo Cars India, said in a statement.
--IANS
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