Ford India recently announced that it will be hiking the price of its latest small car Figo due to rising input cost. The price-hike will be effective from June 1, 2010. However, the company has not specified the percentage of hike. The car was launched in March, 2010 with the price range of Rs 3.5 lakh to Rs 4.48 lakh.
“We can't defy gravity for ever. The general industry cost is rising, steel prices are up, components are costlier and there has also been an increase in transport cost,” Ford India Executive Director (Marketing, Sales and Services) Nigel Wark said.
“We are still fine tuning the price. It will, however, not be a major hike and well below two per cent,” Wark revealed.
Ford India has received over 20,000 bookings for the car since last two and half months and the waiting period for it is currently four weeks.
“The success of the car has been stupendous. A brand new product with a brand new factory is always challenging but we are already past the 20,000 units mark in booking and our effort will be to continue the momentum in the months to come,” Wark said.