Maruti Suzuki India gains 2% on hike in prices of Swift and CNG variant cars
- Shares of
Maruti SuzukiIndia rose 2% as the car maker hiked prices of its Swift model and all CNG variant cars.
- The new prices will be effective from July 12, 2021.
- The increase in ex-showroom prices (Delhi) is up to ₹15,000 on the above models.
AdvertisementShares of Maruti Suzuki India have gained nearly 2% at 10 a.m., on July 12, as the company has announced a hike in prices of its Swift model and all compressed natural gas (CNG) variant cars owing to increase in various input costs.
Over the last one year, the cost of the company's vehicles have gone up due to an increase in various input costs. Hence, it has passed on some impact of the additional cost to customers through a price rise.
The increase in ex-showroom prices (Delhi) is up to ₹15,000 on the above models, the company said in an exchange filing on July 12.
The ex-showroom price of a vehicle is the cost of a car or a bike without considering the charges paid for registering the vehicle at the regional transport office (RTO), road tax, and insurance.
The change in prices will be effective from today, July 12.
The automotive manufacturer informed investors that there will be price increases in other models as well, shortly.
This comes at a time when the company has lost market share to KIA and Hyundai. Its market share came down from 51% to 47% in FY21, while the market share of KIA and Hyundai increased and stood at about 23% during the period, according to a report by CNBC-TV18.
Also, the largest vehicle manufacturer in India has been witnessing shutdown in some manufacturing units due to COVID-19 restrictions impacting its overall operations.
“The production in June 2020 was far from normal owing to COVID-19 related lockdowns and disruptions. Hence comparison of June 2021 production figures with that of any previous year would not be very meaningful, the company said while announcing June’s production numbers.
The company’s overall production rose 1,65,576 units in June 2021 compared to 50,742 units in June 2020.
AdvertisementMeanwhile, the company recently launched Maruti Suzuki Smart Finance, a digital platform through which one can initiate the process of buying a car. Basically, it is an end-to-end online car financing solution.
At a time when online shopping goes for anything and everything, the company does not seem to lose out on any digital opportunity. It has facilitated an online platform for both ARENA (mass market car retail chain) and NEXA (premium cars outlet).
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