Maruti Suzuki India on Monday said it will increase vehicle prices in January 2024. (File)
New Delhi:
The largest carmaker in the country, Maruti Suzuki India, announced on Monday that it will raise vehicle prices in January 2024 due to increased cost pressure driven by inflation and rising commodity rates.
The company, known for selling vehicles ranging from entry-level small car Alto to multi-utility vehicle Invicto, did not specify the extent of the price hike but mentioned that it will vary from model to model, and in some cases, it will be substantial.
According to MSI Senior Executive Officer Shashank Srivastava, “There is an inflationary pressure all around, including volatility in commodities, so that is the reason we have decided to increase the prices in January.”
Maruti Suzuki India had previously raised prices by 0.8 per cent in April this year and saw a total increase of 2.4 per cent in the last fiscal.
The company stated in a regulatory filing that it plans to implement the price hike in January 2024 due to increased cost pressure driven by overall inflation and increased commodity prices. The exact quantum of the increase is yet to be determined.
Additionally, German luxury carmaker Audi also announced the intention to increase prices of its vehicles in India by up to 2 per cent from January next year, and Mercedes-Benz India is also considering a price hike from January.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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