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Maruti Suzuki to hike prices from April amid rise in costs

This price increase shall vary for different models, Maruti Suzuki announced without specifying the quantum of price hike; the company had hiked prices up to Rs 34,000 in January

twitter-logoBusinessToday.In | March 23, 2021 | Updated 17:30 IST
Maruti Suzuki to hike prices from April amid rise in costs
Maruti Suzuki said the price hike is to pass on the impact of rising input costs to buyers

Leading auto manufacturer Maruti Suzuki has said that it will increase the prices of its cars from April. The decision came on the back of adverse impact on company's cost of vehicles due to rising input costs.

"Over the past year, the cost of company's vehicles has been impacted adversely due to increase in various input costs. Hence, it has become imperative for the company to pass on some impact of the above additional cost to customers through a price increase in April 2021," the carmaker stated in a regulatory filing on Monday.

This price increase shall vary for different models, it further added without specifying the quantum of price hike.

ALSO READ: Maruti Suzuki India shortlists 3 new startups under Mobility innovation initiative

Maruti Suzuki had also increased vehicle prices earlier this year in January. The prices were hiked by up to Rs 34,000 depending on model and ranges.

In February, Maruti Suzuki had produced 168,180 vehicles, as opposed to 140,933 units in the year-ago period. This included 165,783 passenger vehicles and 2,397 light commercial utility vehicles.

As for sales, the company sold 164,469 units in February 2021, or 11.8 per cent more than the same month last year. The sales last month included 144,761 passenger vehicles, 2,722 light commercial vehicles, 5,500 vehicles sold to other OEMs and 11,486 exported units.

However, the sales figures for April-February 2020-21 period were down 12.8 per cent at 1,290,847 units.

ALSO READ: Maruti Suzuki Brezza's cumulative sales cross 600,000 mark since 2016

Currently, Maruti Suzuki sells Alto and S-Presso in the mini-car segment, as well as WagonR, Celerio, Ignis, Swift, Baleno and Dzire in the compact car segment. In compact utility vehicles segment, the company offers Gypsy, Ertiga, S-Cross, Vitara, Brezza and XL6, while producing Jimny for overseas markets. It has one offering each in mid-size sedan and van segments - Ciaz and Eeco, respectively.

In the light commercial vehicle segment, the company markets mini truck Super Carry. The company also makes certain models in compact and utility vehicles for OEMs.

On Monday, Maruti Suzuki closed the day's trade at Rs 7,103.20, down 8.75 points or 0.12 per cent.

ALSO READ: Maruti Suzuki's service network crosses 4,000 outlet-mark in India; 208 workshops added in FY21

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