Automaker Maruti Suzuki Ltd will accept bookings at existing sticker prices until Jan 10, while it has lowered discounts on some car models by 5,000- 7,000 rupees, a company source told Cogencis. Last year, the automaker had said it would raise the prices of its products in January to pass on the rise in input costs to customers.
It is selling vehicles at showrooms at the December prices. "We had a shortage of vehicles in the month of December and huge number of bookings pending in the beginning of January, so the company decided to take bookings from customers at older prices till Jan 10," the official said.
Maruti Suzuki Ltd will consider price hikes only after assessing the status of bookings following Jan 10, according to him. Pent-up demand for passenger vehicles has outpaced the ramp-up of production since the unlocking of the economy began in June. Stocks have, therefore, been low at factories and dealerships, the official explained. Unlike other years, automakers did not have huge vehicle stocks in December, forcing them to boost production. Maruti Suzuki's total vehicle production surged 33.8 pc on year to 155,127 units in December, while its dispatches to dealerships rose 19.5 pc on year to 150,288 units during the month.
Shares of Maruti last quoted 0.8 pc lower at 7,566.05 rupees on the National Stock Exchange.
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