Volvo Car India on Thursday said it will increase prices up to 2 per cent from January 1, 2024. The decision to raise prices is on account of rising input costs and volatile foreign exchange rates, the automaker said in a statement.

“The decision to adjust prices is in response to evolving market dynamics, forex exchange rate fluctuations, and rising input costs,” Volvo Car India MD Jyoti Malhotra said.

The price hike aims to maintain a crucial balance, ensuring the continued delivery of high standards and the best driving experiences and reaffirming Volvo’s commitment to uncompromised quality and safety, Malhotra added.

Volvo established its presence in India in 2007 and currently markets products through 24 dealerships in the country.