BERLIN (Reuters) -German carmaker Volkswagen will raise prices for all models with combustion engines by an average of 4.4% from next week due to rising costs, Automobilwoche weekly reported on Thursday.
The company has informed dealers of the increase, due to take effect on Feb. 23 in a letter, citing significantly higher costs related to raw materials, energy and equipment.
“Even Volkswagen cannot escape high inflation. Although we are working as best we can with long-term contracts, hedging transactions and efficiency increases, the effect on costs cannot be fully compensated,” Volkswagen said when asked about the report.
(Reporting by Victoria WalderseeWriting by Madeline Chambers, Editing by Rachel More)
