According to Maruti Suzuki, the expected weighted average increase across models is approximately 0.45%.
The corporation explains this increase in costs as a result of increased commodity prices and inflation.
Prior to this, Maruti Suzuki had declared its plan to increase prices in November.
The largest passenger car maker in India, Maruti Suzuki India, stated on Tuesday that it will be raising the prices of all of its models going forward, effective immediately, in response to mounting cost pressure brought on by high commodity prices.
An expected weighted average price increase across models stands at roughly 0.45%, Maruti Suzuki India said in a regulatory filing.
It further stated that this suggested amount, which was determined using Delhi model ex-showroom prices, would take effect on January 16, 2024.
All of the company’s car models saw price increases starting on April 1 of last year.
Maruti Suzuki India offers an array of vehicles ranging from the Alto to the Invicto, with prices ranging from ₹3.54 to ₹28.42 lakh (ex-showroom).
Maruti Suzuki sold 137,551 units in total in December 2023, a decrease of 1.28% from the 139,347 units sold in the same month the previous year. The company’s overall sales for the month were 26,884 units exported, 4,175 units sold to other OEMs, and 106,492 units sold domestically.
In the calendar year 2023, the corporation achieved a first: its yearly sales of two million units were exceeded, with 269,046 units exported—a record high.
December output for Maruti Suzuki India also decreased by over 3%, from 124,722 units YoY to 121,028 units.
The announcement was made last week by Maruti Suzuki that it would invest approximately ₹32,000 crore to build a car plant in Gujarat that will eventually be able to produce approximately 1 million cars annually. Starting in FY2028–2029, the plant is anticipated to operate.
The automobile giant plans to invest an additional ₹3,200 crore to establish a fourth production line at Suzuki Motor Gujarat Pvt. Ltd, its fully owned subsidiary, with the aim of augmenting the production of electric vehicles.
Following the news of the increase in car pricing, the share price of Maruti Suzuki increased.
Maruti Suzuki shares were trading 1.32% higher on the BSE at ₹10,219.20 a share at 12:25 pm.
