Rising input costs drive Maruti suzuki to hike prices
Automobile major raises vehicle prices by 1.9% across entire product range
• Maruti sells a range of vehicles from Alto to S-Cross
• The weighted average price rise, with effect from April 18, in ex-showroom prices (New Delhi) across models is 1.3%
• MSI already hiked vehicle prices by 8.8% from Jan 2021 to March 2022.
New Delhi: India's largest carmaker Maruti Suzuki India (MSI) on Monday said it has increased prices of its entire model range, between 0.9 per cent to 1.9 per cent, with immediate effect. The company, which currently sells a range of vehicles from Alto to S-Cross, said it has taken the decision to hike prices due to an increase in input costs. The weighted average price rise, with effect from April 18, in ex-showroom prices (New Delhi) across models is 1.3 per cent, it added. MSI has already hiked vehicle prices by around 8.8 per cent from January 2021 to March 2022, owing to constant increase in input costs.
Over the past year, the cost of the company's vehicles continues to be adversely impacted due to increase in various input costs, the auto major had stated in regulatory filing earlier this month. With prices of various essential commodities like steel, copper, aluminium and precious metals going up, automakers have been hiking prices on a regular basis to offset the impact. Last week Mahindra & Mahindra hiked vehicle prices by 2.5 per cent, entailing an increase of up to Rs 63,000. Similarly, Toyota Kirloskar Motor has increased prices of its entire model range by up to 4 per cent from April 1. Luxury carmakers Audi, Mercedes-Benz and BMW have also announced price hikes recently.