Maruti, Hyundai, GM hike prices by up to 1.27 lakh, cite input costs

Leading manufacturers Maruti Suzuki, Hyundai and General Motors hiked car prices by up to 1.27 lakh Tuesday, within days of the government's withdrawal of excise duty concessions.
| Updated on: 07 Jan 2015, 02:07 AM

Leading manufacturers Maruti Suzuki, Hyundai and General Motors hiked car prices by up to 1.27 lakh Tuesday, within days of the government's withdrawal of excise duty concessions.

The carmarkers attributed the price hike to increased input costs as also to the withdrawal of the duty sops, which were given in February last year and extended till December 31.

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The country's largest car maker Maruti Suzuki India (MSI) hiked prices of its vehicles in the range of 7,850 to 31,600, while rival Hyundai hiked prices in the range of 15,000 to 1,27,000, effective January 1, 2015.

General Motors India also hiked prices of various models in the range of 15,000 to 61,000.

The increased prices after revision of central excise duty with effect from January 1, 2015 across all models ranges between 7,850 on Omni van to 31,600 on mid-sized sedan Ciaz, said an MSI official.

Under the revised prices, the popular entry level car Alto 800 will be dearer by 8,500 to 12,700. Before the hike the model was priced between 2.37 lakh and 3.52 lakh (all prices ex-showroom Delhi).

Another popular model WagonR from will see an increase ranging from 12,500 to 15,700 from its current tag of 3.48 lakh to 4.35 lakh.

Maruti's premium compact car Swift will cost 15,850 to 25,150 more now from the current price of 4.42 lakh to 6.95 lakh.

Likewise, popular compact sedan Dzire will see an increase from 17,500 to 26,650 from the current price of 4.85 lakh to 7.32 lakh.

The car market leader said its new compact model Celerio will see an increase of 13,600 to 17,200 from the existing price tag of 3.76 lakh to 4.78 lakh.

Maruti's latest model Ciaz will cost 22,450 to 31,600 more from the current price of 6.99 lakh to 9.80 lakh, while the price of its multi-purpose vehicle Ertiga has been hiked by 18,750 to 27,750 from its previous price of 5.8 lakh to 8.49 lakh.

Maruti Suzuki said its van Omni will cost 7,850 to 9,950 more from the current price of 2.17 lakh to 2.75 lakh.

Earlier in the day, Hyundai Motor India Ltd (HMIL) said it has raised the price of entry level small car Eon by 15,417. It was previously priced between 2.88 lakh and 4.03 lakh.

Another compact car i10 will be dearer by 21,501. The model used to retail between 3.99 and 4.77 lakh.

Similarly, HMIL has hiked the price of Grand i10 by up to 22,508. It was earlier tagged between 4.41 lakh and 6.43 lakh.

The company said prices of compact sedan Xcent have been hiked by up to 25,597. Before the hike, the model cost between 4.73 lakh and 7.47 lakh.

The company further said the price of its premium hatchback Elite i20 has been increased by up to 29,814 from its price ranging between 4.99 and 7.66 lakh.

Mid-sized sedan Verna will cost 23,965 more from the earlier price between 7.39 lakh and 11.72 lakh, the company said, adding executive sedan Elantra prices have also been been hiked by up to 36,912. The sedan was previously priced between 12.92 and 16.24 lakh.

Similarly, HMIL said petrol variant of its premium sedan Sonata has been hiked by up to 45,396 from the previous price range of 18.74 lakh to 20.78 lakh.

Hyundai has also hiked the price of its premium sports utility vehicle Santa Fe by up to 1.27 lakh. The vehicle was previously priced between 25.60 lakh and 28.41 lakh.

Homegrown auto major Tata Motors said it would also be increasing prices of its products.

On Monday, Honda Cars India had announced a price hike of up to 60,000 across its product range.

India's largest two-wheeler maker Hero MotoCorp also said it has passed on the impact of increase in excise duty to consumers without sharing the details.

'Manufacturers have no option but to pass on the enhanced excise duty rates to customers which is going to further slowdown the pace of growth in the industry. We have raised the prices on our two-wheelers to offset the increased duty impact,' a company spokesperson said.

The new prices have come into effect from January 1, the spokesperson added.

On the withdrawal of the excise duty concession, the official said: 'The auto industry still remains sluggish and therefore, the rollback of the current excise duty rate is going to adversely impact the industry in particular and the manufacturing sector in general.'

First Published Date: 06 Jan 2015, 08:00 PM IST

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