Maruti Suzuki India Limited (MSIL) on Friday said that it will raise the prices of its cars across all models from January 2023. The company in a regulatory filing said that this price hike is due to increased cost pressure driven by overall inflation. The increase will vary for different models, the company added in the statement.
India’s largest carmaker said, “The Company continues to witness increased cost pressure driven by overall inflation and recent regulatory requirements. While the company makes the maximum effort to reduce costs and partially offset the increase, it has become imperative to pass on some of the impacts through a price increase.”
Although the statement did not reveal the range of the proposed price hike.
Maruti had previously announced a price change for the hatchback Swift and all CNG variants in April this year. They increased prices by 1.3 per cent on all its models. This price hike was attributed to an increase in various input costs. The company has increased vehicle prices by around 8.8 per cent between January 2021 and March 2022 due to hikes in input costs largely driven by expensive commodities.
On Thursday, Maruti reported that it logged a 14 per cent increase in total wholesales year-on-year (YoY). They sold 1.59 lakh units compared to 1.39 lakh units in the same month last financial year. Maruti’s domestic sales rose 18 per cent to 1,39,306 units as against 1,17,791 units in November 2021.
The country’s largest carmaker last week announced that it will regain lost market share in India. In 2018-19, the carmaker had an overall share of 51 percent in the Indian car market. In the last three years that has declined.
On Friday, Shares of Maruti Suzuki India traded 1.58 percent lower at Rs 8,815 apiece on the BSE during the late trading hour.
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