Maruti Suzuki India (MSI), the country’s largest carmaker, has announced a price hike across the model line-up this month due to rising input costs. The cost of the company’s automobiles has continued to be negatively impacted over the past year due to an increase in various input costs, according to a regulatory filing by the automaker. Earlier, brands like Toyota, Mercedes and BMW have also increased the prices of their models citing the same reasons.
“Therefore, it has become imperative for the company to pass on some impact of the above additional costs to customers through a price hike,” it added. The company has planned to increase the prices in April, and the hike will vary for different models.
However, the company did not disclose the quantum of the proposed price hike. MSI has already hiked vehicle prices by around 8.8 per cent from January 2021 to March 2022, owing to the constant increase in input costs.
Also read: Maruti Suzuki issue recalls for 19,731 Eeco MPV for incorrect rim labelling
The company sells a range of models starting from Alto to S-Cross in the domestic market, priced between Rs 3.25 lakh and Rs 12.77 lakh (ex-showroom Delhi). The auto companies have been increasing prices with rising costs of commodities like steel and aluminium and precious metals like palladium.
The industry has also been citing an increase in freight and transportation charges as well as the cost of electronic components as factors for increasing the vehicle prices. Already, various automakers have announced hiking prices of their respective products from this month.
Toyota Kirloskar Motor has raised prices of its entire model range by up to 4 per cent from April 1 to offset the impact of rising input costs. Similarly, BMW India has hiked product prices by up to 3.5 per cent from this month. Other luxury carmakers like Audi and Mercedes-Benz have also increased prices from April 1.
With inputs from PTI
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