Maruti Suzuki to raise vehicle prices this month

Rising input costs spur move

It has become imperative to pass on some impact of the additional costs to customers via a price hike, the company said. | Photo Credit: Reuters

The country's largest carmaker Maruti Suzuki India (MSI) on Wednesday said it will increase prices of its entire model range this month amid rise in input costs.

Over the past year, the cost of the company's vehicles continued to be adversely impacted due to increase in various input costs, the auto major said in a regulatory filing.

"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 increases will vary for different models.

However, the company did not disclose the quantum of the proposed price increases

MSI has already raised vehicle prices by about 8.8% from January 2021 to March 2022 owing to the consistent increases in input costs.

Auto companies have been increasing prices with rise in cost of commodities such as steel and aluminium and precious metals such as palladium.

The industry has also been citing the increase in freight and transportation charges as well as in the cost of electronic components as factors for increasing vehicle prices.

Various automakers have announced prices increases or plans to raise prices of their respective products from this month.

Toyota Kirloskar Motor has raised prices of its entire model range by up to 4% from April 1 to offset the impact of rising input costs.

Similarly, BMW India has raised product prices by up to 3.5% from this month. Other luxury carmakers such as Audi and Mercedes-Benz have also increased prices from April 1.