Mercedes to Increase Model Prices by up to 3% from April 1

On Thursday, German Luxury Carmaker- Mercedes Benz announced that it will be increasing the prices of all its model by up to 3 percent from April 1. Mercedes Benz took this decision in order to partially offset the impact of the increase in input costs. This will increase the prices of their cars by Rs. 50,000 to Rs. 5 lakh. Mercedes Benz while announcing the price hike said: ''The imminent price correction would be in the range of 3 percent, across the entire model range. The constant increase in input costs in addition to an increase in logistics costs have been exerting significant pressure on the overall costs of the company.'' The company said that due to the increase in input cost, the cost of operations has also increased significantly. Martin Schwenk, Chief Executive Officer and Managing Director of Mercedes Benz said: ''At Mercedes-Benz, we continue to offer the most technologically advanced products for an unmatched product experience. However, to run a sustainable business a price correction is necessary to offset the continuous rise in input and operational costs.''