Maruti Suzuki cars will get costlier from January 2023
Maruti Suzukihas announced a price hike for its cars from January 2023.
- The company has cited cost pressure due to inflation and regulatory requirements for the price hike.
- The company has yet to reveal the quantum of the hike.
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“The Company continues to witness increased cost pressure driven by overall inflation and recent regulatory requirements. While the company makes maximum effort to reduce cost and partially offset the increase, it has become imperative to pass on some of the impact through a price increase,” Maruti Suzuki said in an exchange filing.
The company is yet to reveal the extent of price hikes.
“The Company has planned this price increase in January, 2023 which shall vary across models,” the company added.
Maruti Suzuki has already announced two price hikes this year, the first in January and the second in April. During the last hike, the company increased the prices of its popular cars, such as its hatchback Swift, Alto, Baleno, Ertiga, and more by up to ₹22,000.
Earlier in January 2022, the car maker hiked prices in the range of ₹21,000-30,000 across its entry-level and mid-range cars.
Maruti Suzuki reported a 14% growth in November 2022
Maruti Suzuki’s latest price hike comes a day after it reported a year-on-year sales growth of 14.27% in November.
The car maker sold 1,59,044 cars during the month, up from 1,39,814 units sold in November 2021. However, the company’s sales declined 5.06% from October, which saw a boost due to the festive season.
Overall, the compact segment which includes cars like Swift, Baleno and others, accounted for 72,844 unit sales, registering a 27.8% YoY increase. The utility vehicle segment, which includes cars like Vitara Brezza, S-Cross, and Ertiga, sold 32,563 units, registering a 32.5% YoY increase.
Not the first company to announce a price hike
Maruti Suzuki is not the first company to recently announce a price hike. Tata Motors announced a price hike of around 1% last month. Skoda also announced a price hike for Kushaq and Slavia cars last month.
AdvertisementIn November, premium car maker Volvo had hiked the price of the XC40 Recharge, XC60, and XC90 SUVs in India.
Earlier this month, Hero MotoCorp, the country’s largest two-wheeler manufacturer, announced a price hike across models citing inflation behind its move.
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