India's foremost car manufacturer, Maruti Suzuki, has announced implementing price hikes across its vehicle lineup in January 2024. This decision is attributed to swelling cost pressures stemming from widespread inflation and escalating commodity prices. The brand says that despite its efforts to curtail expenses, the company anticipates a need to transfer a portion of the increased costs to the market, with the extent of the price adjustments varying across different vehicles, ranging from the economical Alto to the brand's most expensive model, the Invicto.
Also Read: Audi India To Hike Prices From January 2024
Likely to be implemented across its entire vehicle lineup.
While Maruti Suzuki has not quantified the upcoming price increase, the company acknowledges the inevitability of this measure in response to the economic challenges faced by the automotive industry.
Moreover, Maruti Suzuki achieved its highest-ever monthly sales performance in October 2023, with 1,99,217 units sold, reflecting a substantial 19 per cent year-on-year growth compared to the previous record set in August 2023 at 1,89,082 sales.
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Price hike to be applicable from January 1, 2024.
Maruti Suzuki's announcement aligns with a broader trend in the Indian automobile sector, as Audi has also disclosed plans to implement a price hike of up to 2 per cent across its model range in 2024. The German automaker attributes this decision to escalating input and operational costs.
With Audi and Maruti Suzuki taking the lead, other automakers will likely follow suit and reveal their respective percentage increases in the coming weeks.
