Honda Malaysia Announces 2%-3% Price Hike in 2016

Kuala Lumpur: Honda Malaysia has recently confirmed the price hike of its products by 2% to 3%, starting January 2016, thanks to falling Ringgit. The exact figures and the models affected are yet to be announced. We will be “monitoring the exchange rate closely” and that it “will decide on the price in December 2015,” said the automaker.

“After weighing all possible options, a price increase is an inevitable step for Honda Malaysia in order to continue to continue offering high-quality products and services to our customers. If the ringgit currency appreciates to the previous level, we would reevaluate the pricing structure once again,” said Yoichiro Ueno, MD and CEO of Honda Malaysia.

“Since the introduction of Honda models with its current price, the ringgit has depreciated by 20%-30% against the US dollar. The drastic depreciation of the ringgit has caused a significant increase to the cost of imported parts and components,” he explained.

Estimated Price-List of Honda Cars After Hike  beginning January 2016

Model Name	Current Price	Estimated Price (After Hike beginning January 2016)
Honda Accord	RM 133,293	RM 135,958.86 - RM 137,291.79
Honda CR-V	RM 144,841	RM 147,737.82 - RM 149,186.23
Honda CR-Z	RM 177,706	RM 181,260.12 - RM 183,037.17
Honda City	RM 71,744	RM 73,178.88 - RM 73,896.31
Honda Civic	RM 109,852	RM 112,049.04 - RM 113,147.56
Honda Civic Hybrid	RM 180,154	RM 183,757.08 - RM 185,558.62
Honda HR-V	RM 95,730	RM 97,644.6 - RM 98,601.9
Honda Jazz	RM 69,566	RM 70,957.32 - RM 71,652.98
Honda Odyssey	RM 222,534	RM 226,984.68 - RM 229,210.01

 

* OTR Prices (Without Insurance)

Recently, UMW Toyota Motor has also confirmed that it will increase the prices of its products by 4% to 16%, beginning January 2016. Mitsubishi Motors Malaysia has also indicated the same move. On a positive note, Mercedes-Benz Malaysia has announced that it will maintain its prices through into 2016, despite the current situation. The automaker has also announced the price cut of its W205 C-Class models.

Also Read: Honda Malaysia recalls 12,329 units of City and Jazz over CVT control software issue