Maruti Suzuki India on Monday, January 16, said it has hiked prices of its vehicles across models by about 1.1 per cent. This is the second price hike that the carmaker is undertaking in the ongoing fiscal year, after increasing it in April 2022.
"An estimated weighted average of increase across models stands at around 1.1 per cent. This indicative figure is calculated using ex-showroom prices of models in Delhi and will come into effect from January 16, 2023," Maruti Suzuki India said in a regulatory filing.
In December last year, the company had said it would hike prices of its vehicles to offset the impact of rising input costs and make provisions to update the model range to conform to stricter emission norms which will kick in from April 2023. â€śWhile the company makes maximum effort to reduce cost and partially offset the increase, it has become imperative to pass on some of the impact through a price increase,â€ť the company had stated in a filing.
Maruti Suzuki has announced several price hikes on various models throughout the course of 2022. Many other vehicle manufacturers have also followed suit. Tata Motors had announced four separate hikes last year, while Hyundai had increased prices of its Venue, Creta, i20 and Grandi10 NIOS in September 2022, as per a report in the Hindustan Times.
Maruti Suzuki sells a range of vehicles starting from entry-level small car Alto to SUV Grand Vitara which are priced between Rs 3.39 lakh and Rs 19.49 lakh (ex-showroom Delhi).
With pti inputs