Maruti Suzuki to increase price across models from January 2023; Details here
The company has planned the price increase in January 2023 which shall vary across models, the auto major said without disclosing the exact quantum of the increase.
Maruti Suzuki India Limited (MSIL), the largest automaker in India announed that starting in January 2023, it will increase the pricing of its models, with the amount of the rise varying depending on the model. The carmaker said it continues to experience rising cost pressure brought on by general inflation.
"The company continues to experience rising cost pressure caused by both new regulatory requirements and general inflation. It has become necessary to pass on some of the effects through a price rise, even though the firm takes every effort to minimise expenses and partially offset the increase. The company has set this price hike for January 2023 and it will vary depending on the model," the statement stated.
Maruti Suzuki India announced a price hike for the hatchback Swift and all CNG versions earlier in April of this year as a result of an increase in different input prices. All of its models saw a rise in vehicle pricing of 1.3 percent (ex-showroom Delhi).
Due to ongoing increases in input costs, which are mostly the result of more expensive commodities, the firm increased car pricing by around 8.8 percent between January 2021 and March 2022.
The manufacturer reported that its overall sales increased 14.4% year over year (YoY) to 1.59 lakh units in November 2022 compared to 1.39 lakh units in the same month the previous year. Last week, the country’s largest carmaker had declared it will win back its market share from competitors such as Tata Motors after having lost ground over the past three years. The Gurugram-based automaker hopes to relive the glory years of 2018–19, when its entire market share in the Indian auto market exceeded 51%.