Skoda India has announced its decision to hike car prices in the Indian market. The company will be scaling up prices in phases for the Superb, Rapid, Kodiak and Octavia in the country. Prices will be increased initially by 1% due to increases in customs duties announced in the Union Budget for 2018. Customs duties have gone up to 15% on specific vehicle components while CKD import rates have also gone up to 15% now.
Skoda presently manufactures the Rapid in India and the others are brought in as CKDs. Prices will be hiked from 1st March 2018 and models will be costlier by approximately INR 10-35, 000. Prices will eventually go up by 3-4% depending on the model and configuration. A loyalty bonus of Rs. 50, 000 has also been introduced for customers by Skoda.