Maruti cars to cost you more from January next year
Maruti Suzukiinformed stock exchanges that it has decided to hike prices of its cars from January 2022 due to rise in input costs.
- Rise in fuel prices, commodity prices like steel, shortage of semiconductors and a possible third wave that could impact demand and production operations are some of the factors affecting the automobile industry.
- Shares of the company were trading flat at ₹7,277.55 per share on December 2.
AdvertisementThe country’s leading automaker Maruti Suzuki has decided to hike prices of its models from January 2022 due to increase in input costs. The company said that the increase in prices shall vary for different models.
“Over the past year, the cost of company's vehicles continue to be adversely impacted due to increase in various input costs. Therefore, it has become imperative for the company to pass on some impact of the above additional costs to customers through a price hike,” said the company in a BSE statement.
Rise in fuel prices, commodity prices like steel, shortage of semiconductors and a possible third wave that could impact demand and production operations are some of the factors affecting the automobile industry.
The company had announced price hikes in March, July and September this year.
Adding to the pain, Maruti Suzuki’s production slipped 3% to 1.45 lakh vehicles in November 2021 as compared to 1.50 lakh vehicles in November 2020.
Further, the company is expecting an adverse impact on vehicle production in December in both Haryana and its contract manufacturing company, Suzuki Motor Gujarat Private Limited (SMG) in Gujarat. All this is because of a supply constraint of electronic components due to the semiconductor shortage situation.
Shares of the company were trading flat at ₹7,277.55 per share at 1:40 p.m., on December 2.
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