Maruti Suzuki India on Monday said it plans to increase prices of its vehicles in January 2024, citing cost pressure driven by overall inflation and increased commodity rates.
The company, which sells a range of vehicles from entry-level small car Alto to multi-utility vehicle Invicto, priced between ₹3.54 lakh and ₹28.42 lakh (ex-showroom Delhi), however, did not specify the quantum of the proposed price hike.
"The company has planned to increase the prices of its cars in January, 2024, on account of increased cost pressure driven by overall inflation and increased commodity prices," Maruti Suzuki India said in a regulatory filing.
It further said, "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."
Earlier in the day, German luxury car maker Audi said it will hike prices of its vehicles in India by up to 2 per cent from January next year, citing rising input and operational costs.