Honda mulls price hikes for major models

Japanese auto manufacturer Honda Motor on Friday said it plans to further raise prices for its main models amid surging material costs.

Starting July 27, prices of its six main models in the Japanese market will rise by 2 percent to 4 percent, said the company.

Earlier in April, the company announced price hikes for three models, including a minivan, citing rises in steel and logistics expenses.

Japanese carmakers historically have coped with higher costs by pushing up prices for new models, the national broadcaster NHK reported, adding that they are boosting prices for vehicles already in the market more recently.

Amid skyrocketing prices, a growing number of Japanese firms are feeling confident enough to pass on higher running costs to customers, according to local media.