Lexus Mulls Price Hike From Next Month To Offset Impact Of Depreciating Rupee, Increase In Input Cost
Luxury carmaker Lexus is looking to hike prices from next month in order to offset the impact of rising input costs and appreciating value of the US dollar against the rupee.
The carmaker sells six models in the country, priced between Rs 62 lakh and Rs 3 crore.
It has also commenced taking orders for the seventh model -- Lexus LM-- for the Indian market.
"Input cost is going up and there is also a pressure due to the currency exchange rates," Lexus India President Naveen Soni said.
On October 17, the rupee settled at 83.25 against the US dollar.
He noted that the company will initiate discussions regarding the quantum of the price hike later this month and the increase would be rolled out from November.
Commenting on the ongoing festive season, Soni said the demand remains robust, and bookings for LM have already reached 150 units.
This is when the company is yet to announce the price of the model, he added.
Lexus is the luxury car arm of Japanese auto major Toyota.