09 March,2009 05:55 PM IST | | Agencies
Car manufacturer Honda Siel Cars India today announced an increase in the price of all its production models by Rs 30,000 to Rs 1,01,000.
The price of Honda CR-V, which is a fully imported unit, will be increased by Rs 3,54,000. The revised prices for City, Civic and CR-V will be effective from April 1, 2009 and for Accord from March 16, 2009.u00a0u00a0
The increase, necessitated by considerable depreciation of Indian Rupee and strong Japanese Yen against dollar, is in the range of 4% to 20% of the current price.
Commenting on the price increase, Jnaneswar Sen, vice-president, marketing, said, "The rupee has depreciated by over 16% vs USD in the past eight months. On the other hand, the Japanese Yen has strengthened by 10.5% during this period. These currency fluctuations have resulted in tremendous increase in cost of imports impacting the bottom lines, but so far, we have refrained from passing them on to the customer. But it is not possible to absorb the impact any more."
