Maruti Suzuki increases prices of car models in India; check details

Maruti Suzuki has announced increase in prices of its cars in India. The company claims that the price hike will have a weighted average of increase across models that stands at around 0.45%. The price hike will happen on the Ex-Showroom prices of models in Delhi and has come into effect from January 16.

The price hike was first announced on November, but it will go into effect today. 

During the fiscal period from April to December, Maruti Suzuki India was at the forefront of passenger vehicle exports, dispatching 2,02,786 units, marking a 6% rise from the previous year. Hyundai Motor India, in the third quarter of the current fiscal year, exported 1,29,755 units, an increase from the 1,19,099 units shipped in the corresponding period last year.

In the same April-December fiscal period, Kia India exported 47,792 units, Volkswagen dispatched 33,872 units, Nissan sent out 31,678 units, and Honda Cars delivered 20,262 units. SIAM Director General Rajesh Menon, while discussing export trends with PTI, attributed the growth in passenger vehicle exports to new vehicle launches and a surge in demand in markets such as South Africa and the Gulf region.

Last year, India’s car exports dropped by 21% because of money problems and political issues in many foreign markets. This is according to recent data from the Society of Indian Automobile Manufacturers (SIAM). The total exports were 42,85,809 units last year, which is less than the 52,04,966 units in 2022. Even though there was a drop in total exports, the number of passenger cars sent out increased by 5% to 6,77,956 units.

However, the exports of commercial vehicles, two-wheelers, and three-wheelers went down. Two-wheeler exports decreased by 20% to 32,43,673 units, commercial vehicle shipments fell to 68,473 units, and three-wheeler exports dropped by 30% to 2,91,919 units.

The increase in passenger car exports is because the supply chain was smoother than the previous year. But, the demand for two and three-wheelers was low in areas where they are sold because of issues with foreign exchange availability.

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Also read: Total 2.93 lakh PVs sold in December 2023; Maruti Suzuki, Tata Motors among top sellers: FADA