Why are these Toyota, Hyundai and Kia companies increasing their prices together?

 Why are these Toyota, Honda and Kia companies increasing their prices together? 

Most of the companies seen in India are thinking of increasing their prices for 2024-25. If reports are to be believed, three of those companies have come forward to increase the prices right now, they are Hyundai, Kia and Toyota. It is well described below why all three companies are increasing their prices together.

Toyota

Toyota holds a dominant position in India, whether it is the leader's favorite Fortuner or providing the best quality to its customers, keeping these things in mind, Toyota is planning to increase the price of some variants in 2024. If this happens, it will be implemented by April 1 and the price is likely to increase by 1% volume and this decision is being taken due to rising input costs and operating expenses.

Kia

Kia is one such company, when all the companies were incurring losses during the time of Covid, Kia registered a growth of 80% in India. That is why it is successful in India because it is an affordable compact SUV and Kia is famous in India due to the features added to it. Keeping all these things in mind, it has been thought of increasing the price of the most favorite variants of the customers, this number can go up to about 3%. This is because of rising commodity prices, input costs and supply chain challenges.

Honda

Honda is a company that explained the meaning of car dynamics and the whole world was crazy about Honda's v-tech engine. Honda has been moving down from its position in the last few years. Currently, there is no official announcement from Honda regarding price hike, but if reports are to be believed, then a thought has been given on increasing the portfolio price of the entire Indian segment or the price increase of the major segment is being considered.