Maruti Suzuki and Audi announce price hikes
Maruti Suzuki Monday said it will raise prices across its range of vehicles due to inflationary pressures and an increase in commodity costs with effect from January 2024.
The price increase will vary across models, the company said.
In a statement to the bourses, Maruti Suzuki said, “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.”
The statement added 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 did not specify the quantum of price hike it plans to undertake across its portfolio.
Maruti Suzuki sells a range of vehicles in the Indian market starting from small car Alto to multi-purpose vehicle Invicto priced between Rs 3.54 lakh to Rs 28.42 lakh (ex-showroom).
The company has hiked vehicles prices twice this year — in April and January 2023.
Maruti Suzuki’s sales in the local market have risen by 11.4% to 1,041,154 units between April and October in the current financial year.
In October.
Maruti Suzuki posted a growth of 20% to report its best-ever monthly sales at 168,047 units. Shashank Srivastava, senior executive officer (marketing and sales), MSIL said the festive season has gone well so far helping the company increase its market share by 1.3% to 43% in October.
“January onwards, every month has been a best-ever month for the industry, which is a very positive sign.
