India’s largest carmaker Maruti Suzuki India Limited has announced an upcoming price hike across its models from January 2023. The hike will vary and will depend on the model. As per a statement to indices, the automaker said that it continues to bear increased cost pressure driven by overall inflation.
The company is yet to disclose the quantum of the proposed price hike.
As per the company’s filing “Maruti Suzuki 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. The Company has planned this price increase in January 2023 which shall vary across models.”
In April 2022, Maruti Suzuki India announced a new price list for Swift and all CNG variants where vehicle prices were increased by 1.3% on all its models (ex-showroom Delhi). As per the company, the hike was owed to an increase in various input costs. Before that and between January 2021 and March 2022, Maruti Suzuki has hiked vehicle prices by around 8.8% due to constant increases in input costs and pricier commodities.
Maruti Suzuki’s sales figures for November 2022 states a 14.4% year-on-year (YoY) increase to 1.59 lakh units against 1.39 lakh units sold in the same month last year.