Maruti Suzuki to hike prices of cars across its entire range from April
1 min read 23 Mar 2023, 01:23 PM ISTMaruti Suzuki has acknowledged that despite its efforts to reduce costs, it is necessary to implement a price increase to offset the impact of various factors.
PremiumMaruti Suzuki has announced plans to increase prices across its model range starting next month. The decision, revealed in a regulatory filing on Thursday, is aimed at mitigating the impact of growing inflation and regulatory obligations. However, the carmaker has yet to disclose the exact percentage of the price hike that it intends to put in place.
Maruti Suzuki has acknowledged that despite its efforts to reduce costs, it is necessary to implement a price increase to offset the impact of various factors. "This price hike is in response to general inflationary pressures as well as regulatory requirements like RDE norms which come into effect from April 1," explained Shashank Srivastava, the company's Executive Director for Marketing and Sales, in a statement to HT Auto. Srivastava added that the carmaker has already taken steps to ensure that many of its models meet the updated norms.
According to Srivastava, Maruti Suzuki has implemented seven small price hikes since January 2021 due to the rising costs of materials, which account for 75% of OEM cost structures. Despite these incremental increases, the carmaker has avoided significant hikes due to concerns about demand in the PV industry. "We do not want to compromise overall demand in the PV industry," Srivastava stated, explaining the rationale behind the company's cautious approach to price adjustments.
Meanwhile, Maruti Suzuki has announced the opening of bookings for the CNG variant of its popular compact SUV, the Brezza, indicating that the launch is imminent. Interested customers can book the vehicle by paying a token amount of ₹25,000. According to reports, the deliveries are expected to begin in about three to four months. The Brezza CNG was first revealed by Maruti Suzuki at the Auto Expo 2023, which was held in January.
