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Maruti Suzuki to hike prices of cars from July due to rise in production costs

By Priyanka Verma 
Updated Date
Maruti Suzuki to hike prices of cars from July due to rise in production costs

Leading auto manufacturer Maruti Suzuki India Ltd has said that it will increase the prices of its cars from July. In a regulatory filing, the company said that it has become imperative to pass on some impact of additional cost to customers.

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“This is to inform you that over the past year the cost of the company’s vehicles continues to be adversely impacted due to an increase in various input costs. Hence, it has become imperative for the Company to pass on some impact of the above additional cost to customers through a price rise,” Maruti Suzuki India Ltd stated in a regulatory filing today.

This price increase shall vary for different models, it further added without specifying the quantum of price hike.

“The price rise has been planned in quarter 2 and the increase shall vary for different models,” the carmaker stated.

Earlier, the auto manufacturer had raised prices for different car models in April due to a rise in various input costs. In January, the carmaker had cited a rise in input costs and had increased prices for some car models. The prices were hiked by up to ₹34,000 depending on the model and ranges.

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MSI sells a range of models from entry-level hatchback Alto to S-CROSS, priced between ₹2.99 lakh and ₹12.39 (ex-showroom prices Delhi) lakh, respectively.

Meanwhile, with the COVID-19 situation easing across various states, leading automobile companies in the country have initiated steps to ramp up production to “normal levels” to clear the backlog.

Auto firms, which were forced to down shutters temporarily due to lockdowns and curfews, expect business activity to pick up going ahead with the opening of dealerships across states.

A spokesperson of the country’s largest carmaker Maruti Suzuki India noted that operations at its plants have resumed with due caution and revised safety protocols in place.

“We are ramping up production cautiously. Meanwhile, we continue to vaccinate all employees and families on priority. Over 36,000 employees have already received the first shot,” the auto major stated, PTI reported.

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