NEW DELHI: India’s largest carmaker Maruti Suzuki India (MSI) will increase prices of its entire model range this month amid rise in input costs. Without disclosing the quantum of hike, the newer prices will vary for different models.
In a regulatory filing, the carmaker said that over the past year, the cost of the company’s vehicles continued to be adversely impacted due to the increase in various input costs. “Therefore, it has become imperative for the company to pass on some impact of the above additional costs to customers through a price hike,” it added.
To note, Maruti Suzuki has already hiked vehicle prices by around 8.8% from January 2021 to March 2022 owing to constant increase in input costs. According to market experts, this increased ownership cost has had an impact of entry-level cars where consumers are price sensitive.
Maruti Suzuki sells a range of models starting from Alto to S-Cross in the domestic market, priced between Rs 3.25 lakh and Rs12.77 lakh (ex-showroom Delhi). Not only Maruti, other automakers are also struggling keep up with the rise in cost of commodities like steel and aluminium and precious metals like palladium. To reduce the impact, they have been passing geh same to end consumers.
Toyota Kirloskar Motor, BMW India, Audi, Mercedes-Benz have also hiked prices.