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Maruti Suzuki Set to Increase Vehicle Prices in January 2024

PK DeskNovember 27, 2023Last Updated: November 28, 2023

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Maruti Suzuki Set to Increase Vehicle Prices in January 2024

Maruti Suzuki India, the country’s largest carmaker, has announced plans to increase vehicle prices in January 2024.

Citing cost pressure stemming from the overall inflationary environment and heightened commodity rates, the company, known for its diverse range of vehicles, including the small car Alto and the multi-utility vehicle Invicto, has not specified the exact extent of the proposed price hike.

Shashank Srivastava, Senior Executive Officer (Marketing and Sales) at Maruti Suzuki India, explained that the increase would vary among models, with some experiencing a “substantial” hike. The decision, according to Srivastava, is a response to inflationary pressures and commodity market volatility.

Maruti Suzuki India had previously increased prices by 0.8% in April of the current year, contributing to a total hike of 2.4% in the last fiscal.

Srivastava acknowledged the challenges, stating, “There is no choice left for us now but to enhance the prices…we are yet to figure out the exact quantum of the increase.”

Audi, the German luxury carmaker, has also announced a price hike of up to 2% for its vehicles in India, effective from January 1, 2024.

The decision is attributed to rising input and operational costs. Similarly, Mercedes-Benz India is considering a price hike from January across its model range.

In a regulatory filing, Maruti Suzuki India highlighted the plan to increase car prices in January 2024, citing increased cost pressure due to overall inflation and heightened commodity prices.

While efforts are made to mitigate costs, the company anticipates passing on some of the increase to the market, with the extent of the price hike varying across models.