New Delhi: Maruti Suzuki on Monday said that it will increase the prices of cars from January 2024. In a BSE filing, the automaker informed that due to increased cost pressure, it has decided to hike prices of the cars.
“The Company has planned to increase the prices of its cars in January, 2024 on account of increased cost pressure driven by overall inflation and increased commodity prices. While the Company makes maximum efforts to reduce cost and offset the increase, it may have to pass on some increase to the market.”
The company offers a diverse range of vehicles spanning from the entry-level hatchback Alto to the multi-utility vehicle Invicto. The pricing for these vehicles falls within the range of INR 3.54 lakh to INR 28.52 lakh (ex-showroom Delhi). The company recently disclosed its intention to implement a price hike, without specifying the exact percentage increase.
According to Maruti Suzuki, the upcoming price adjustment will be model-specific, impacting vehicles across their product lineup. This move follows a similar decision made on April 1 this year when the company raised prices across all its vehicle models.
In a prior instance in January 2023, Maruti Suzuki had already announced a price hike averaging around 1.1% across its vehicle range.
In a related development, Audi, the renowned German luxury car manufacturer, declared on Monday that it plans to raise the prices of its vehicles in India by up to 2% starting January next year.
Audi attributed this decision to the escalating input and operational costs in the market.