Mumbai: Leading automobile manufacturer in the country, Maruti Suzuki has decided to increase the price of its vehicles. The new price list will come into effect from January next year. The automaker cited the continued cost pressure due to inflation and recent regulatory requirements as the reason for price hike.
‘The Company continues to witness increased cost pressure driven by overall inflation and recent regulatory requirements. While the company makes maximum effort to reduce cost and partially offset the increase, it has become imperative to pass on some of the impact through a price increase. The Company has planned this price increase in January, 2023 which shall vary across models,’ Maruti Suzuki said in a statement.
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Maruti Suzuki has about 40% market share in India’s passenger vehicle market. Maruti Suzuki is yet to reveal the extent of price hikes.
Maruti Suzuki has already hiked price of its vehicles two times. The first in January and the second in April. During the last hike, the company increased the prices of its cars, such as its hatchback Swift, Alto, Baleno, Ertiga, and more by up to Rs 22,000. Earlier in January 2022, the car maker hiked prices in the range of Rs 21,000-30,000 across its entry-level and mid-range cars.
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