Maruti Suzuki to raise car prices by 2-4% from January
Increase in prices comes despite slowing sales of passenger vehicles this fiscal year
Mumbai: Maruti Suzuki India Ltd, India’s largest car maker, plans to raise prices of its cars by 2-4% from January due to an increase in input costs, its executive director R.S. Kalsi said on Monday.
Maruti joins car makers including Indian units of BMW AG and General Motors Co. that also plan to raise prices of their cars by up to 5% from January, the companies have said earlier.
The increase in prices come despite slowing sales of passenger vehicles which are expected to grow at less than 4% this fiscal year that started on 1 April, according to the Society of Indian Automobile Manufacturers.
The industry body had earlier said sales would grow between five percent and 10% in this fiscal year.
Mahindra and Mahindra Ltd, India’s top utility vehicle maker, also raised prices of its passenger and commercial vehicles, and tractors in November to offset rise in input costs.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!