Maruti Suzuki, a leading car manufacturer, has announced a price increase across its models by approximately 0.45%. The decision is attributed to the rising cost pressures resulting from overall inflation and increased commodity prices. This price adjustment will come into effect from January 16, 2024.
The company revealed that the estimated weighted average increase applies to various models and is calculated based on Ex-Showroom prices in Delhi. Maruti Suzuki had previously indicated its intention to raise prices in November 2023, citing the need to counter increased costs driven by inflation and commodity price hikes. Tata Motors had also announced a price hike for its commercial vehicle models starting January 2024 to offset residual impacts from past input costs. Other automobile companies, including Mahindra & Mahindra, Honda Cars India, and Audi, have similarly increased prices this month.
Maruti Suzuki India reported a 1.28% decline in overall sales for December 2023, totaling 137,551 units. In comparison, the company had sold 139,347 units in the same month the previous year. The domestic sales, encompassing passenger cars, commercial vehicles, and third-party supplies, witnessed a 5.86% decrease, with 110,667 units sold this month compared to 117,551 units in the corresponding period last year.