Maruti Suzuki to hike prices across models this month
Maruti Suzuki India on Wednesday said it will hike prices of its vehicles across models this month to offset adverse impacts of rise in commodity costs, foreign exchange fluctuations and fuel price increases.
The company, however, said it is currently working out the details of the quantum of price increase, which will vary depending on the model.
“This question has been coming for quite some time. We have been analysing the adverse movement of commodity prices—going towards the higher side,” Maruti Suzuki India senior executive director (Marketing and Sales) RS Kalsi told Press Trust of India.
He further said, “Also the foreign exchange rate has been impacting us adversely. The fuel prices too have increased, adding to the logistics costs.”
The company cannot absorb the full impact any longer.
“So it is now imperative for us to pass on some impact of the above factors to the customers through a price increase. This will happen across the range of models in August itself,” he said.
When asked about the quantum of hike, he said, “We are working on it. It will vary depending on the models.”
Stating that the company’s finance team is currently working out the details, he said, “It is difficult to give any range of the
NEW DELHI: MARUTI SUZUKI’S OVERALL SALES IN JULY INCHED LOWER TO 164,369 UNITS FROM 165,346 UNITS SOLD DURING JULY 2017. IT SOLD 154,150 UNITS IN DOMESTIC MARKET AND EXPORTED 10,219 UNITS
price hike till the finance team finalises it. We are working on it and the moment we get clarity on it, we will hike the prices accordingly.”
Maruti Suzuki currently sells a range of vehicles from entry level Alto 800 with price starting at ₹2.51 lakh to mid-sized sedan Ciaz tagged at ₹11.51 lakh (ex-showroom Delhi).
Other companies such as Mahindra & Mahindra and Tata Motors have also announced price hikes from August citing rising input costs.
Maruti Suzuki India on Wednesday reported a marginal decline of 0.6% in its overall sales including exports in July 2018.
According to the company, overall sales during the month under review inched lower to 164,369 units from 165,346 units sold during July 2017.
The overall sales include 154,150 units in the domestic market and 10,219 units which were exported.
“Domestic sales growth in July 2018 may be seen in context of high wholesales in July 2017,” the automobile major said in a statement.