Maruti Suzuki Hikes Prices For Second Time This Month
India’s most loved car brand Maruti Suzuki has hiked prices on selected models from April 16, due to an increase in various input costs. According to a regulatory filing by the company to stock exchanges, the weighted average price increase in ex-showroom prices (Delhi) across selected models is 1.6 per cent. This is the second price hike on cars by the company this month, and the third hike since February. The new prices are effective starting from Friday, April 16.
Automakers across the country have increased prices on car models this year due to a rise in input costs. In March this year, Maruti Suzuki said in a statement that will undertake price hikes due to increasing input costs and the price increases vary for different models. Also, in January, the company said it will hike price up to ₹ 34,000 on some car models.
Increased Input Costs Forced the Maruti Suzuki’s Management to Take the Price Hike Decision
major competitor of Maruti – Mahindra & Mahindra had also increased prices of its personal and commercial vehicles by 1.9 per cent in January. While Tata Motors increased prices for its passenger vehicles by up to ₹ 26,000.
Meanwhile, on April 1, Maruti Suzuki reported its monthly auto sales. The carmaker reported a total sales of 1.67 lakh units in March 2021, up almost 99 per cent, compared to 83,792 units in the corresponding month last year. In a statement, Maruti Suzuki said that the domestic sales in the financial year 2019-20 declined 18 per cent and also, sales in fiscal 2020-21 were affected due to the COVID-19 crisis.