MG Motor India and Renault on Friday joined Maruti Suzuki, Mahindra and Mahindra, Ford India and Hero MotoCorp in announcing price hikes of their vehicles from January 2021.

In a statement, MG Motor said it would undertake a price revision across its product range in view of “miscellaneous cost increase”.

The price hike for MG Motor India will range up to 3 per cent depending on the model and will be applicable from January 1, 2021. At present, MG retails three models in India – the MG Hector, the ZS EV and the Gloster.

Renault India said it will increase prices of its entire model range by up to Rs 28,000 from next month.

The company, which sells models like the Kwid, Duster and Triber, said the price hike from January would vary across variants and products.

“The price increase is a result of the steadily increasing input costs across the spectrum, including input costs for steel, aluminium, plastics and other affiliated cost increases during the pandemic,” Renault India said in a statement.

When asked what impact the price revision will have on demand, an industry insider said: “With festive season over and the so-called pent-up demand taken care of, it remains to be seen if the recovery seen during the festive

season will continue next year. Unless there are stimulants that the industry needs badly, I do not see the market reacting positively to such price rises.”

MG Motor India also announced that it will introduce the much-awaited MG Hector Plus 7-seater version in January 2021. Currently, the Hector is available as a five-seater while the Hector Plus is a six-seater with captain seats

MG currently retails three models in India – the MG Hector, the ZS EV and the Gloster.

The MG Hector is available in both petrol and diesel options along with the option of a first-in-class 48V Hybrid variant. The petrol version also comes with a DCT (dual-clutch transmission).