As echoed in an earlier report, Honda Malaysia has now hinted that it will be announcing a price increase in the near future, the New Straits Times reports. The reason for such a move has been attributed to the weakening ringgit which, in turn, has increased the operation costs of several local and foreign carmakers.

“If we were to raise the prices, it should be in early January. But at the moment, we are still analysing the total impact to the business and looking at the right percentage if there is an increase,” said Honda Malaysia marketing director, Akhbar Daniel. “(It’s) possible that prices will be raised as we have trouble coping with a lower ringgit against the US dollar, despite having 80 per cent local content,” he added.

Earlier this month, UMW Toyota Motor (UMWT) announced a range-wide price increase for both Toyota and Lexus models for 2016. While exact figures have yet to be disclosed, it is expected that more affordable models such as the Vios will receive a smaller hike as opposed to costlier CBU models (Alphard, for example) that should see a significant price jump.

“As a benchmark, completely-built-up (CBU) cars are impacted directly compared to locally manufactured cars (CKD) cars, so it is expected that CBU cars will be priced much higher than CKD cars,” Akhbar told the Business Times. Separately, Perodua also hinted at the same move should the ringgit continue to depreciate.

On a brighter note, Mercedes-Benz Malaysia has announced that it will maintain its prices through into 2016 despite the ongoing situation. Additionally, it has also slashed the prices of its CKD W205 C-Class models – the range now begins at RM249k for the C 200 Avantgarde and tops out at RM288k for the C 250 AMG Line.

While it was stated that Perodua might raise the prices of its cars, Proton has stated that it will continue to market its products with the same price tag “despite incurring higher imported material costs.” BMW Group Malaysia has earlier confirmed that it will not raise prices “for the time being” while Berjaya Auto (Mazda) and Edaran Tan Chong Motor (ETCM) have yet to make an official announcement.