Audi may go for price hike to offset impact of Re volatility

Tags: Companies
German luxury car-maker Audi today said the company may go for a price hike in India to offset the negative impact of the currency fluctuation in the country.

Audi's Member Board of Management (Finance) Axel Strotbek said the company may go for price increase of the Audi cars to neutralise impact of currency fluctuations and sought actions by the government and RBI to deal with "deterioration" of euro.

Audi Group's Member of Board of management for marketing and sales Luca De Meo said "volatility of exchange rate" in India as a matter of concern for the company but said measures are being initiated to deal with the situation.

In January, Audi India had reported 11 percent growth in its 2013 sales at 10,002units in India, thus becoming the first luxury car maker to cross the 10,000 milestone in the country.

The company had 9,003 units in 2012. Audi currently assembles its sedans A4 and A6 along with SUVs Q5 and Q7 at the Aurangabad plant.

Another top Audi official said the company was looking forward to new initiative by the government which comes to power after the general elections.

"We want to see reform of the financial sector. We want to see structural changes," he said.

Audi CEO Rupert Stadler said Indian market is a one of the driver sof company's growth and it will try to expand its foogtprint in India.

"The story of Audi India is a story of success. We would like to maintain the leadership. We see the premium market developing in 2014. This is pretty encouraging for us," De Meo said addressing the company's annual press conference here.

Audi India had slashed prices of across its model range following cut in excise duty cut announced in the interim budget. The company currently has 14 models in India.

Expressing satisfaction over the company's performance, Stadler said: "2013 was an extraordinary year and we remain on course for success in 2014."

He said between now and 2018, the company will be investing around 22 billion euro in innovations and new technologies as well as in expanding its worldwide manufacturing structures.

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