Mitsubishi to hike Outlander price by 2%

The price hike, which will be in the range of 1.5-2 per cent, is primarily due to rising input costs and the appreciation of the Japanese Yen against the Indian Rupee, the company said in a statement.

"We announced an introductory price on the Outlander 2010, when we launched the product, which came with many advanced features. Since then, there have been significant currency fluctuations, with substantial appreciation of the Japanese Yen against the Indian Rupee," Y V S Vijay Kumar, Executive Vice-President and Head of Mitsubishi business at Hindustan Motors Limited, said.

"This has resulted in huge rise in the cost of imports, which has impacted our bottom lines. Therefore, we have no choice but to pass on a marginal cost increase," he said.

The company, which is present in India through a technical collaboration with Hindustan Motors, introduced the SUV with a 2.4 litre Bharat Stage IV petrol engine in May at Rs 19.95 lakh (ex-showroom).

The Outlander has received a tremendous response from the market in the last few months. It sold 150 units in July with order-backlog of 300 units, it said.

The company has scaled-up the production capacity and expects to produce and sell close to 250 units in August.

Currently HM–Mitsubishi Motors sells the Lancer, Cedia, Cedia Sports, Pajero, Montero and Outlander in the Indian market. The company has 41 dealerships across India.

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