Maruti Suzuki India has revealed its plan to implement a price hike for its car models starting January 2024. The decision is a response to the escalating cost pressure attributed to overall inflation and heightened commodity prices.
The carmaker, recognized as the largest in the country, markets a range of popular models including Alto K10, S-Presso, Eeco, Celerio, WagonR, Ignis, Swift, Baleno, Dzire, Ciaz, Fronx, Brezza, Jimny, Grand Vitara, Ertiga, XL6, and Invicto. The Alto K10, positioned as the most affordable offering, commences at Rs 3.99 lakh (ex-showroom), while the flagship model, the Invicto, reaches up to Rs 28.42 lakh (ex-showroom).
Maruti Suzuki explained in a regulatory filing, “The company has planned to increase the prices of its cars in January 2024 on account of increased cost pressure driven by overall inflation and increased commodity prices.” Despite the company’s efforts to minimize costs and counteract the rise, it acknowledged the likelihood of passing on some of the increases to the market.
While specific details regarding the extent of the price hike for individual models were not provided, Maruti assured that the increment would vary across its diverse range.
This upcoming price adjustment in January 2024 marks the second such move by Maruti in the fiscal year 2024. The initial adjustment took place in April 2023, estimating a weighted average increase of around 0.8% across models. In the previous fiscal year, Maruti had implemented a 1.1% price hike in January 2023.