Maruti Suzukihas announced a price increase for its cars from January 2023.
- The company cites cost pressures due to inflation and regulatory requirements for the price increase.
- The company has yet to reveal the size of the increase.
India’s largest car manufacturer Maruti
“The company continues to witness mounting cost pressures due to global inflation and recent regulatory requirements. While the company is making maximum efforts to reduce costs and partially offset the increase, it has become imperative to pass on some of the impact through a price increase,” Maruti Suzuki said in a grant application.
The company does not yet want to disclose the size of the price increases.
“The company has scheduled this price increase in January 2023, which will vary by model,” the company added.
Maruti Suzuki has already announced two price increases this year, the first in
January and the second inside
April. During the latest walk, the company increased the prices of its popular cars such as the hatchback Swift, Alto, Baleno, Ertiga and more by up to ₹22,000.
Earlier in January 2022, the automaker raised prices from ₹21,000-30,000 for its entry-level and mid-range cars.
Maruti Suzuki reported 14% growth in November 2022
Maruti Suzuki’s latest price increase comes a day after
reported a year-over-year revenue growth of 14.27% in November.
The automaker sold 1,59,044 cars during the month, up from 1,39,814 sold in November 2021. However, the company’s sales were down 5.06% from October, which was boosted by the holiday season.
Overall, the compact segment, which includes cars like Swift, Baleno and others, accounted for 72,844 units sold, up 27.8% year-on-year. The commercial vehicle segment, which includes cars such as Vitara Brezza, S-Cross and Ertiga, sold 32,563 units, an increase of 32.5% year-on-year.
Not the first company to announce a price increase
Maruti Suzuki isn’t the first company to announce a price increase recently. Tata Motors announced a price increase of about 1% last month. Skoda too
announced a price increase for Kushaq and Slavia cars last month. In November, premium automaker Volvo had raised the price of its XC40 Recharge, XC60 and XC90 SUVs in India.
Earlier this month, Hero MotoCorp, the nation’s largest two-wheeler manufacturer,
announced a price increase for all models citing inflation as the cause.
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