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Paris - French auto giant Renault said Thursday it is increasing its prices by an average of 1.5% to help offset rising raw material costs.
A company spokesman said the price increases will cover all regions and nearly every country.
While Renault regularly raises prices, "the rise in raw material costs over the past four years has not been properly reflected in sales prices," the spokesperson said.
On Wednesday, Japan's Nissan, controlled by Renault, said soaring steel and other raw material costs would force consumers worldwide to pay higher prices for automobiles in the coming years.
Nissan Motor chief executive Carlos Ghosn, who also heads Renault, told a shareholders meeting in Japan that "all car manufacturers will increase prices.
"It's a question of time. How can you not increase prices if the price of raw materials goes up 100 percent?"
- AFP