Mercedes-Benz to raise prices on weak rupee
REUTERS - Daimler AG's(DAIGn.DE) Mercedes-Benz on Thursday joined its German rivals Audi(NSUG.DE) and BMW(BMWG.DE) in raising prices of its luxury cars in India as a depreciating rupee and rising inputs costs pressured margins.
Mercedes-Benz said it would raise prices by between 2.5 and 4.5 percent from September 1 across its range of vehicles in India.
"Exchange rate effects, higher import duties and rising input costs coupled with a host of other unfavorable factors like higher interest rates has been impacting the bottomlines," the company said in a statement.
The rupee has fallen 19 percent year-to-date, driving up cost of imports, and forcing some carmakers to raise prices even as consumer spending shrinks.
(Reporting by Aradhana Aravindan in MUMBAI; Editing by Supriya Kurane)
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