Maruti Suzuki India to hike prices from January, blames increase in input costs
Car market leader Maruti Suzuki India on Wednesday said it will increase prices of its vehicles from January to offset the adverse impact of rising input costs.
Over the past year, cost of the company's vehicles have been impacted adversely due to increase in various input costs, Maruti Suzuki India said in a regulatory filing.
"Hence, it has become imperative for the company to pass on some impact of the above additional cost to customers through a price increase in January 2021. This price increase shall vary for different models," it added.
At present Maruti Suzuki sells a range of vehicles from entry-level small car Alto with price starting at ₹2.95 lakh to multi-purpose vehicle XL6 priced up to ₹11.52 lakh (ex-showroom Delhi).
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The company's announcement comes at a time when the carmaker is recovering from the lockdown induced disruptions. In November, it had posted a 2.4 per cent decline in total domestic passenger vehicle sales at 1,35,775 units as against 1,39,133 in the same month last year.
However, its overall sales, including exports, were at 1,53,223 units as against 1,50,630 in November 2019, a growth of 1.7 per cent.