Maruti Suzuki has announced that it will increase prices of its cars which will come into effect from 1 January 2024. In a press release, the Indo-Japanese stated prices of cars have to be increased on account of increased cost pressure driven by overall inflation and increased commodity prices.
The company further stated that despite making maximum efforts to reduce cost and offset the increase, it may have to pass on some increase to the market. As it seems, all Maruti models may face a price hike, however, the carmaker is yet to announce the exact hike on its models. The price increase is expected to vary across models.
Maruti is the largest car manufacturer in India with a market share of around 45%. The automaker reported its highest-ever monthly sales at 1,99,217 units in October this year, resulting in a 19% YoY growth. The country’s largest carmaker had dispatched 1,67,520 units in October 2022.
The company retails a wide range of cars from Alto to Invicto with prices ranging from Rs 3.54 lakh and Rs 28.42 lakh (ex-showroom). Maruti last recorded a cumulative price hike on April 1 this year. Prior to this in January 2023, the company had announced a price of 1.1% across models.
