Maruti Suzuki hikes prices by up to 1.9% due to input costs
THE AUTO MAJOR HAS ALREADY INCREASED VEHICLE PRICES BY AROUND 8.8% FROM JANUARY 2021 TO MARCH 2022
NEW DELHI: The country’s largest carmaker Maruti Suzuki India (MSI) on Monday said it has increased prices of its entire model range by 0.9% to 1.9% with immediate effect.
The company, which sells a range of vehicles from Alto to S-Cross, said it has taken the decision to hike prices because of an increase in input costs. The weighted average rise, with effect from April 18, in ex-showroom prices in New Delhi across models is 1.3%, it said.
MSI has already hiked vehicle prices by around 8.8% from January 2021 to March 2022, because of a constant increase in input costs.
Over the past year, the cost of the company’s vehicles continued to be adversely impacted because of in increase in various input costs, the auto major had said in regulatory filing earlier this month.
With prices of various essential commodities such as steel, copper, aluminium, and precious metals being on an upward trend, automakers have been increasing prices on a regular basis to offset the impact.
Last week Mahindra & Mahindra hiked vehicle prices by 2.5%, entailing an increase of up to ₹63,000.
Toyota Kirloskar Motor has increased prices of its entire model range by up to 4% from April 1.
Luxury carmakers Audi, Mercedes-Benz, and BMW have also announced price hikes recently.
“Over the past year, the cost of the company’s vehicles continued to be adversely impacted because of an 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,” Maruti Suzuki had said in a statement released on 6 April giving advance intimation of its decision to hike prices.