Automobile giant Volvo Auto has revised prices of its vehicles across all the segments in India, including a major price cut of Rs 3.04 lakh on the V40 Cross Country D3 Inscription.
However, the prices for some models have been raised by Rs 2.33 lakh. The price revision has been undertaken to offset the increase in taxes in the Union Budget 2016-17, the company said in a statement.
The company, whose India models include sedans S60, SUVs XC60 and XC90 and the luxury hatchback V40, said the upward revision of the ex-showroom prices is 3 per cent.
After the price revision, the company's products are now priced between Rs 25.49 lakh and Rs 80.23 lakh (ex-showroom Delhi).
"The increase is a result of the recently proposed taxation norms on cars across various categories in Budget 2016," the statement reads.
The price hike ranges from Rs 68,700 on S60 Inscription model to Rs 2.33 lakh on the XC90 Inscription.
"This year's budget has forced us to re-look at the pricing in order to provide the best-in-class products to our customers," Volvo Auto India MD Tom Von Bonsdorff