Maruti Suzuki To Uptick Vehicle Prices From April 2022. Here’s Why
Maruti Suzuki India (MSI), the country’s largest carmaker, announced on Wednesday that it will raise prices across the board this month due to rising input costs.
The cost of the company’s automobiles has continued to be negatively impacted over the past year due to increases in various input costs, according to a regulatory filing by the automaker.
“Therefore, it has become imperative for the company to pass on some impact of the above additional costs to customers through a price hike,” it added.
In April, the company intends to raise pricing, with the rise varying depending on the model.
The amount of the proposed price increase, however, was not disclosed by the corporation.
MSI has already increased vehicle prices by about 8.8% from January 2021 to March 2022 because to rising input costs.
In the domestic market, the firm sells a range of models ranging from the Alto to the S-Cross, with prices ranging from Rs 3.25 lakh to Rs 12.77 lakh (ex-showroom Delhi).
With the rising cost of commodities such as steel and aluminium, as well as precious metals such as palladium, automakers have been raising pricing.
Increases in freight and transportation costs, as well as the cost of electronic components, have been cited by the industry as reasons for rising vehicle pricing.
Several automakers have already announced price increases for their individual models beginning this month.
To offset the impact of growing input costs, Toyota Kirloskar Motor hiked prices across the board by up to 4% starting April 1.
BMW India has also increased product pricing by up to 3.5 percent as of this month. Other luxury carmakers, such as Audi and Mercedes-Benz, have raised prices as of April 1.