Maruti Suzuki, M&M, Audi India to hike vehicle prices in Jan 2024; Tata Motors, Mercedes mulling rate increase | Mint
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Business News/ Auto News / Maruti Suzuki, M&M, Audi India to hike vehicle prices in Jan 2024; Tata Motors, Mercedes mulling rate increase
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Maruti Suzuki, M&M, Audi India to hike vehicle prices in Jan 2024; Tata Motors, Mercedes mulling rate increase

Maruti Suzuki, Mahindra & Mahindra, and Audi India have announced a price hike of their passenger vehicles next year citing cost pressure driven by overall inflation and increased commodity rates.

Maruti Suzuki has announced hike in vehicle prices (REUTERS)Premium
Maruti Suzuki has announced hike in vehicle prices (REUTERS)

Automakers India Maruti Suzuki, Mahindra & Mahindra, and Audi India have announced a price hike of their passenger vehicles next year citing cost pressure driven by overall inflation and increased commodity rates. Besides, Tata Motors and Mercedes-Benz India are also mulling increasing the prices of their models from January 2024.

Maruti Suzuki India had last hiked the vehicle prices by 0.8% in April this year. In the last fiscal, it had effected a total price hike of 2.4%.

Maruti sets stage for price hikes in 2024

“Steel prices have firmed up a little over the last 3-4 months, which accounts for around 38% of our commodity buying. We have been estimating the impact of the volatility of commodity prices on our costs, and trying to cut costs internally and then take price hikes as a last resort," Shashank Srivastava, senior executive director, of Maruti Suzuki said in an interview with Mint.

After Maruti Suzuki, Tata Motors says considering price hike in January 2024

Mahindra and Mahindra CEO (Automotive Division) Nalinikanth Gollagunta also said, "We intend to take a price increase for our automotive products effective January 2024".

The M&M CEO added that the details will be announced closer to the time.

Meanwhile, Tata Motors said it is also considering increasing the prices of its passenger and electric vehicles in January 2024.

Maruti Suzuki to increase prices of cars from January 2024

"We are considering a price hike across our passenger and electric vehicles in January 2024. The extent of the hike and exact details will be announced in a few weeks," a company's spokesman said.

Mercedes-Benz India also said it is also mulling price hikes from January.

German luxury car maker Audi said it will hike the prices of its vehicles in India by up to 2% from January next year, citing rising input and operational costs.

The price hike will be effective from January 1, 2024, and will be across the model range, Audi India said in a statement.

"Due to rising supply chain-related input and operational costs, we have effected a price correction across our model range, maintaining the brand's premium price positioning," Audi India Head Balbir Singh Dhillon said in a statement.

Further, he said the price correction aims to ensure sustainable growth for Audi India and our dealer partners, and "we will ensure that the price hike's impact is as minimal as possible for customers."

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Published: 28 Nov 2023, 08:06 AM IST
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