From Maruti Suzuki to Audi, car manufacturers plan price hikes in January 2024
- Maruti Suzuki, Mahindra & Mahindra, Tata Motors and Audi have already revealed their price hike plans that will be effective from January 2024.
Cars in India are increasingly becoming costlier with every passing year. With 2024 approaching in a few weeks, cars manufactured by several automakers in both mass market and luxury segments are slated to be pricier. Major automobile OEMs like Maruti Suzuki, Tata Motors, Mahindra & Mahindra and Audi have already revealed their price hike plans for their respective passenger vehicles that are on sale in India.
The price hike that these automobile manufacturers are planning to introduce would be effective from 1st January 2024, which makes December 2023 the best time to buy a new car, if you are planning to drive home a brand-new model. Car manufacturers in India usually announce price hikes at least once a year attributing the reason behind it to factors such as rising inflation, increasing production and operational costs, higher prices of raw materials etc. Some automakers even announce multiple price hikes in a single calendar or financial year. This time as well, several automakers have attributed their price hike decisions to these factors.
Here are the automakers that have already announced price hikes for their respective passenger vehicles in India, which would be effective from the very first day of 2024.
Maruti Suzuki has announced that it will hike the prices of its passenger vehicles. However, the biggest car manufacturer in India has not specified the models that will be slapped with price hikes. Also, the quantum of the price surge is yet to be revealed. However, Maruti Suzuki has hinted that some of its passenger vehicles will see substantial price hikes. The automaker has attributed the decision to factors like increasing production and operational costs.
One of the major players in the mass market segment and electric car segment, Tata Motors has announced that it will hike the prices of its cars from January 2023. The automaker has not specified the quantum of upcoming price hikes. Also, it has not revealed which models will be pricier and to what extent. However, the carmaker has revealed that both its internal combustion engine-powered and electric vehicles will see price hikes. Just like Maruti Suzuki, Tata Motors has said that the price hike is necessitated due to the rising production and operational costs.
Mahindra & Mahindra is undoubtedly one of the major players in the Indian SUV space. The homegrown car manufacturer has said that it will increase the prices of its passenger vehicles from the very first month of 2024. The automaker sells popular SUVs like Scorpio, Thar, XUV700 and XUV300 in India. Mahindra has not specified which of its passenger vehicles will see the price hike and to what extent. Just like Maruti Suzuki and Tata Motors, Mahindra & Mahindra too has attributed the price hike decision to higher production costs.
Audi India is among the frontrunners when it comes to luxury car brands in India. The German automaker is among the first car manufacturers to announce a price hike that will be effective from January 2024. Audi has said that its cars in India will be pricier by around two per cent. However, the exact detail of the revised pricing is yet to be revealed. Audi has not revealed if select models of the brand will see price hikes or if it will be applicable to the entire product portfolio. The car manufacturer currently sells both ICE and EVs in India. Audi has attributed the decision to rising input and operational costs.