Luxgen Motor Co (納智捷汽車) and Ford Lio Ho Motor Co (福特六和) said last week they would hike prices on their new models today because of rising raw material costs and fluctuating exchange rates.
According to Luxgen Motor, one of the auto manufacturing units of Yulon Group (裕隆集團), the prices of the models in its multi-purpose vehicle series, Luxgen7 MVP, and the sport utility vehicle series, Luxgen7 SUV, would be raised by NT$10,000 (US$338), while the price of the -recreational vehicle model, Luxgen7 CEO, would be raised by NT$30,000 to NT$1.68 million.
Luxgen Motor said the price hikes were largely a response to the cost of Japan-made components, such as transmission systems, since the Japanese yen has appreciated significantly against the US dollar.
In addition, prices of certain precious metals used in auto production, including palladium and rhodium, have also risen sharply, the company said.
Ford Lio Ho, a Taiwanese -subsidiary of the US-based Ford Motor Co, said in a statement on Friday that the prices of the mid-sized Focus passenger car would increase by NT$10,000, and the Fiesta compact car by NT$20,000, while Econovan trucks would now cost an extra NT$8,000.
Other domestic car makers for Japan’s Nissan Motor Co, Toyota Motor Corp and Honda Motor Co have also announced price increases to reflect the rising cost of raw materials and the stronger value of the yen against the greenback.
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