Maruti Suzuki India announced an increase in prices for select models on Monday, with immediate effect, due to increase in input costs.
In a statement, the automobile major said that the price hike is up to 4.7%.
"The price change varies across models and ranges from 0% to 4.7% (ex-showroom Delhi). The new prices are effective from 27th January 2020," it said
The models which will be affected by the price hike are Alto, WagonR, Ertiga, Baleno, S-Presso and XL6.
Last month, the company had said that it would raise the prices in January due to rise in input costs.
Input and manufacturing cost in the segment has risen with new regulatory norms as the vehicles makers need to make transition to BS-VI engines by April this year and also with the coming in of new mandatory safety regulations such as use of anti-lock braking system (ABS) and airbags.
The slump in sales in the past one year has and the eventual financial impact also could be a reason for the price hike.
The auto industry witnessed the biggest decline in 2019 in over two decades. Quoting numbers sourced from the industry, a TOI report statd that sales of passenger vehicles including a cumulative of cars, vans and SUVs fell below the 3-million mark in 2019, after crossing the figure for the first time in 2017.
In the current fiscal year upto December, the Maruti Suzuki India sold 11.78 lakh units, around 16 per cent lower than 14.03 units sold during the same period (April-December) in the 2018-19.
In December, it reported that its overall sales which includes exports and off-take by other OEMs grew by 3.9% to 133,296 units from 128,338 units sold during the corresponding period of the last year.
Similarly, the company's domestic sales including those made to other OEMs increased by 3.5% on an year-on-year basis to 125,735 units in December 2019.
However, the company's sales of light commercial vehicles in the country fell 5% to 1,591 units.
On the other hand, the automobile major's exports zoomed by 10.2% in December to 7,561 units from 6,859 units which were shipped out during the corresponding month of last fiscal.