Maruti Suzuki India (MSIL) on Monday announced that it will increase prices of its products from January 2024 onwards due to cost pressure driven by overall inflation and increased commodity prices.
“While the company makes maximum efforts to reduce cost and offset the increase, it may have to pass on some increase to the market. This price increase shall vary across models,” the company said in a stock filing.
However, MSIL did not specify the quantum of the proposed price hike.
This is the second time MSIL is increasing the prices of its products. Last April, the company increased prices by around 0.8 per cent on ex-showroom prices of its models.
MSIL sells a range of cars from entry-level Alto to multi-utility vehicle Invicto and they are priced between ₹3.54 lakh and ₹28.42 lakh (ex-showroom, Delhi).
Meanwhile, luxury car maker Audi India, too, has increased prices of its products by up to two per cent owing to rising input and operational costs. The price hike will be effective from January 1, 2024.
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“Due to rising supply-chain-related input and operational costs, we have effected a price correction across our model range, maintaining the brand’s premium price positioning. The price correction aims to ensure sustainable growth for Audi India and our dealer partners, and we will ensure that the price hike’s impact is as minimal as possible for customers,” Balbir Singh Dhillon, Head of Audi India, said.
Audi India has announced 88 per cent year-on-year growth and has sold 5,530 units in the first nine months of this year. The brand currently has the widest electric vehicle portfolio in the segment.
“Achieving profitability through a sustainable business model remains a critical part of Audi India’s strategy, and we are committed to providing the best to our customers,” Dhillon added.