The country’s largest car maker Maruti Suzuki India today said it will increase the vehicle prices across all models by up to Rs 20,000 from January due to increasing pressure on margins due to currency fluctuation.
“There will be a hike in the prices of our products.
Quantum will vary depending on models, but it can be up to Rs 20,000,” Maruti Suzuki India Chief Operating Officer (Marketing & Sales) Mayank Pareek told PTI.
He said the price hike has been necessitated due to increasing pressure on the margins due to currency fluctuation.
The company currently sells a variety of models starting from the M800 to imported Kizashi at a price range starting from Rs 2.09 lakh to Rs 17.52 lakh (ex-showroom Delhi).
During the second quarter of this fiscal, the company had posted a 5.41 per cent fall in net profit at Rs 227.45 crore, hit by an unprecedented violence at its Manesar plant and low sales and currency fluctuation.
Adverse foreign exchange movement had an overall impact of Rs 350 crore on the company during the July-September period this fiscal, it had said.
During November, Maruti reported a 12.45 per cent increase in its total sales at 1,03,200 units. Its domestic sales grew 9.67 per cent to 90,882 units compared with 82,870 units in the year-ago month.
Exports went up 38.37 per cent to 12,318 units last month from 8,902 units in the year-ago period, the company had said.