Maruti Suzuki cars to become expensive from Jan 2024! Automaker announces price hike

Maruti Suzuki on Monday said that it will increase the prices of cars from January 2024. In a BSE filing, the automaker informed that due to increased pressure, it has decided to hike prices of the cars."The Company has planned to increase the prices of its cars in January 2024 on account of increased cost pressure driven by overall inflation and increased commodity prices. While the company makes maximum efforts to reduce costs and offset the increase, it may have to pass on some increase to the market," MSI informed the stock exchanges today.

The company, which sells a range of vehicles from entry-level small car Alto to multi-utility vehicle Invicto, priced between ₹3.54 lakh and ₹28.42 lakh (ex-showroom Delhi), however, did not specify the quantum of the proposed price hike.

The price increase will vary across models, Maruti Suzuki added.

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On 1st April this year, Maruti Suzuki increased the prices of its vehicles across all models.

Prior to this in January 2023, the company had said that it hiked the prices of its vehicles across models by about 1.1%.

Notably, Maruti Suzuki India (MSI) reported its highest-ever monthly sales at 1,99,217 units in October, a 19% year-on-year growth.

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The country's largest carmaker had dispatched 1,67,520 units in October 2022.

MSI also reported its best-ever domestic monthly dispatches in October at 1,77,266 units, up 21% from 1,47,072 units in the year-ago period.

MSI said its exports in October 2023 stood at 21,951 units compared to 20,448 units in the same month last year.

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On Friday, the MSI shares fell 0.072% to ₹10,481. Markets are closed today, Monday, November 27, on account of Gurunanak Jayanti.

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On Monday, German luxury car maker Audi also announced that it will hike 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.