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According to CarDekho, the Kia Seltos in India will be getting a "substantial" price increase starting on January 1st.

There's no talk about how much the increase will be, BUT it will affect NEW BOOKINGS and cars NOT DELIVERED BY DECEMBER 31

They received a leaked document from Kia that talks about the price increase.



 

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Kia has confirmed that there will be a price increase on Jan 1.

Kia Motors, the country’s fourth-largest passenger vehicle company, has had a good run in the last three months. Their compact SUV, Seltos, has climbed the charts to become the best selling car in the C-SUV segment in just three months after its launch.

The Seltos achieved its segment leader-status mainly on its attractive value proposition: a feature-rich SUV with industry-leading features, priced at under 10 lakhs ex-showroom, several notches below competitors Tata Harrier and MG Hector, and also sister brand Hyundai’s Creta. However, that is set to change in January.

From January 1 next year, the company will significantly raise prices of the Seltos. Kia Motors India (KMI) is also expected to launch its second product in India, the luxury multi-purpose vehicle (MPV), Carnival, at the beginning of next year.

“We will introduce a new price for Seltos from Jan 1 for all models. The introductory price [of Rs 9.69 lakh and upwards] is an attractive price, we can’t continue with that forever. We had priced it attractively for a short time, now we will raise prices.” Manohar Bhat, Vice President, Sales confirmed to CNBC-TV18.

It may be noted that all the models of the Seltos are BSVI compliant and the price hike is not on account of new technology.

For customers who have already booked the car and are expecting deliveries, the price they pay will depend on the time the car is delivered to them, as the final price paid by the buyer is dynamic and depends on the price of the car at the time of delivery. This means that if you take the delivery for your Seltos next year, you will have to shell out more for your car.

The increase in price may hit sales volume for the Seltos initially as customer expectation could be different, but eventually, customers will pay for a product they like and want to buy, Yong S Kim, Executive Director, KIA Motors India told CNBC-TV18.

The company has not ascertained the extent of the price increase.

“Every six months, we will come out with a new product which should excite the curiosity of the consumer… our next product will be a true seven-eight seater luxury MPV, and Kia will be pioneering the segment in India. We are expecting a good response considering the attractive price” Bhat and Kim told CNBC-TV18.

The current waiting period for the Seltos is in the range of over a month to a maximum of three months for some top-end trims, Bhat told

Kia officially launched its fully functional greenfield facility in Anantpur, near Bangalore, on Friday. The plant, which was first inaugurated for a trial run by then-Andhra chief minister Chandrababu Naidu has an installed capacity of 300,000 units and has already rolled out over 40,000 units of the Seltos. On Friday, the official opening ceremony of the facility took place in the presence of newly elected Andhra CM YS Jaganmohan Reddy, and Kia’s Global CEO Han Woo Park.
 
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