Maruti Suzuki, India’s largest carmaker, revealed on Monday its decision to increase the prices of its cars starting January 2024. The move is attributed to inflation and elevated commodity prices. While the company did not specify the extent of the price hikes, it mentioned that the increases would vary across different models.
In a regulatory filing, Maruti Suzuki stated, “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.” Despite making efforts to minimize costs and offset the rise, the company acknowledged that passing on some of the increases to the market might be necessary.
Maruti Suzuki’s last price hike occurred on April 1, where it raised car prices by 0.8% across its model range.
This announcement follows Audi’s decision earlier on Monday to implement a price increase of up to 2% for its vehicles from January 1, 2024. Audi cited rising input and operational costs as the reasons for the adjustment, emphasizing its commitment to maintaining a sustainable business model and delivering quality to customers.
Balbir Singh Dhillon, Head of Audi India, stated, “Due to rising supply-chain-related input and operational costs, we have effected a price correction across our model range, maintaining the brand’s premium price positioning.”
Maruti Suzuki recently reported its highest-ever monthly sales of 199,217 units in October, reflecting a 19% year-on-year growth. Audi India also achieved an 88% growth in the first nine months of the year, retailing 5,530 units.
