 "After Audi, Maruti Suzuki to hike prices of its cars from January 2024")
Maruti Suzuki, on Monday, announced that it will increase the prices of its cars from January 2024, owing to inflation and increased commodity prices. India's largest carmaker, however, did not mention the quantum of price hikes. It said the increase in prices will vary across models.
"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," it said in a regulatory filing.
"While the company makes maximum efforts to reduce cost and offset the increase, it may have to pass on some increase to the market."
Maruti Suzuki had last hiked the prices of its cars by 0.8 per cent across the model range from April 1.
Earlier on Monday, German luxury car maker Audi announced a price increase of up to 2 per cent for its vehicles effective from January 1, owing to rising input and operational costs. The ex-showroom prices for Audi India models would be up by 2 per cent from January 1, 2024, the company said.
Balbir Singh Dhillon, head of Audi India, said, "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. 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."
Earlier this month, Maruti Suzuki reported its highest-ever monthly sales at 199,217 units in October, a 19 per cent year-on-year growth. The country's largest carmaker had dispatched 1,67,520 units in October 2022.
More From This Section
Maruti Suzuki also reported its best-ever domestic monthly dispatches in October at 177,266 units, up 21 per cent from 147,072 units in the year-ago period. Its total domestic passenger vehicle sales rose to 168,047 units last month from 140,337 units in October 2022.
Audi India, at the same time, registered an 88 per cent growth in the first nine months of the year and retailed 5,530 units.