PETALING JAYA - Honda cars in Malaysia will be more expensive from next year as the significant decline in the value of the ringgit has led to higher cost of production.
The price increase, effective from January, will likely be in the range of 2% to 3%, depending on the model of the vehicle, according to Honda Malaysia Sdn Bhd.
Honda Malaysia said in a statement that it is monitoring the exchange rate and will decide on the new prices for its vehicles by December. It is the second Japanese marque distributor in Malaysia to have announced a price hike after UMW Toyota Motor Sdn Bhd.
“Since the introduction of Honda models with the current prices, 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,” Honda Malaysia managing director/chief executive officer Yoichiro Ueno said in the statement.