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Bethel Finance news:
Leading car importers are set to raise prices by 2-3% for new cars in January 2012, due to weakening of the shekel against the dollar and yen. Prices for a family sedan will rise by NIS 2,000-3,000.
However, some importers may decide to absorb part of the pending increases in order to stay competitive, and limit the price hike to NIS 1,500 on popular models. Industry sources added that a 2-3% price hike only partly compensates for the weakening of the shekel.
Ford and Mazda importer Delek Automotive Systems Ltd. (TASE: DLEA) says that car prices will rise by a few percent. Isuzu, Chevrolet, and Cadillac importer UMI Ltd.says that it will raise prices for most, but not all of its Chevrolet models, which are built in Korea. Subaru importer Japanauto Ltd. (TASE:JPNT.B1) will likely raise prices by more than 3%.
Toyota Israel announced several weeks ago that it would raise prices, saying, "The Japanese yen has continued strengthen since the last price hike, and we cannot rule out another price hike in January."
The importers' intentions to raise prices do not yet reflect the pending increases caused by the introduction of green taxation in January. The Israel Tax Authority has not yet published the new tax rates, but it is expected to lower the emissions eligibility threshold for a green tax rebate. This will mainly affect prices for cheaper cars, for which the tax break is a substantial part of the total cost.
Importers raised the list price for many models by NIS 1,000-2,500 in January 2011.
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