At first, it was Toyota Kirloskar and Isuzu, and now the market leader is joining the list of car manufacturers hiking the prices of their product portfolios. Maruti Suzuki has announced that the prices of its cars will be hiked starting 1st of January 2019. While it would be a tough decision for car manufacturers to announce a bump in prices owing to the slow-down in terms of sales in the private vehicle sector, companies are hoping that the double effect of year-end discounts and looming price hikes may spur on an additional wave of passengers.
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While the rest of the companies to date to have bumped prices, have declared by how much they will be bumping, Maruti has chosen to stay mum on the subject instead with the official statement quoting. “The cost of company’s vehicles has been impacted adversely due to the increase in commodity prices and foreign exchange rates,” Maruti Suzuki India said in a regulatory filing.
The statement furthered that it has become imperative for the company to pass some of the impacts from the forex drops to customers through a price increase across segments for different models effective January 2019. “This price increase shall vary for different models, it added. At present, Maruti Suzuki sells a range of vehicles starting from entry-level Alto800 to the premium crossover S-Cross priced between Rs 2.53 lakh and Rs 11.45 lakh.
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This follows news of utility vehicle maker Isuzu Motors India announcing a price hike that could go up to Rs 1 lakh from January, for which they sighted increase of utility vehicle maker Isuzu Motors India. We expect more manufacturer announcements from across the spectrum to follow. If you did have your eye on a Maruti Suzuki either from the Nexa or the Arena segment, we suggest you call your closest dealer and bargain for a good price.
Also read: First ever Maruti Suzuki electric Wagon R spied testing: Details on Maruti’s electric plans
Yesterday, utility vehicle maker Isuzu Motors India Tuesday said it will hike prices of vehicles by up to Rs 1 lakh from January to offset increasing input and distribution costs. Last month, Toyota Kirloskar Motor had announced that it would increase prices of vehicles across models by up to 4 percent from January 1, 2019, to offset increased manufacturing costs due to rupee depreciation.
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