Maruti Cars to Get Costlier Starting in January 2024
The country”s largest carmaker, Maruti Suzuki, has decided to raise vehicle prices starting in January 2024. The move is intended to share the increased cost of production with customers. Production costs have increased due to the overall inflationary pressures, especially the rise in commodity prices.
However, the company has not disclosed the exact amount of price intended to increase with each vertical. Maruti is manufacturing a wide range of cars, including the base-level Alto and the multi-utility vehicle Invicto, priced between Rs. 3.54 lakh and Rs. 28.42 lakh (ex-showroom Delhi).
The price hike may vary according to the nature of the models; in some cases, it will be “substantial,” PTI reported, quoting Maruti Suzuki India (MSI) Senior Executive Officer (Marketing and Sales) Shashank Srivastava.
“There is inflationary pressure all around, including volatility in commodities, so that is the reason we have decided to increase the prices in January,” Srivastava said, as reported by the PTI. This is the second hike; the company intended to make this fiscal, having price hiked 0.8 percent in April.
In the last fiscal year, the company saw a 2.4 percent price rise. Acknowledging this fact, Srivatava said there are no further options other than to increase prices, given the severity of the inflationary pressures. “We are yet to figure out the exact quantum of the increase,” Srivastava said.
In a regulatory filing, the company confirmed the developments, stating it is considering a price hike owing to increased cost pressures resulting from overall inflation and fluctuating commodity prices.
