Maruti, Mahindra, Hyundai and Tata may hike car prices this year. Here are all the details

Maruti Suzuki, Mahindra, Hyundai, and some other car firms are planning to increase their vehicle prices this year. Increased input costs, rising commodity prices, and inflation are some of the reasons behind the hike plan. Maruti Suzuki last hiked its prices by 0.8% in April. Tata Motors has also confirmed a price hike in January 2024 though the specific percentage has not been disclosed yet.

Audi and Mahindra, too, plan to increase their prices starting from January 2024. Audi plans to increase its vehicle prices by up to 2% due to escalations in input and operational costs. 

Balbir Singh Dhillon, Audi India CEO, said this price correction was necessary for the brand's premium status.  "Due to rising supply chain-related input and operational costs, we have effected a price correction across our model range, maintaining the brand's premium price positioning." 

Mahindra also intends to up the price range for its SUVs although the exact hike details are still not out.

Other major automakers such as Hyundai and MG Motor have also decided to increase their prices. Both attribute the hike escalating input costs, rocketing commodity prices, and unfavorable exchange rates. 

BMW, Volkswagen, SKODA, Mercedes-Benz, Volvo, Nissan, and Honda have announced price hikes from January 2024. The hike ranges from 2% to 3%. Models with more advanced features are likely to see a larger hike than entry-level trims.

Maruti has been trying to absorb higher input costs, but the company is now forced to pass on some increase due to the added pressure. Tata Motors said price hikes including electrics are under consideration. 

"We are considering a price hike across our passenger and electric vehicles in January 2024. The extent of the hike and exact details will be announced in a few weeks," a company's spokesman said in November.