Business News/ News / India/  Maruti Suzuki hikes vehicle prices across all models. Details here

Maruti Suzuki on 1 April increased prices of its vehicles across all models. As per the regulatory filing, an estimated weighted average of increase across models stands at around 0.8 percent and is calculated using ex showroom prices of models in Delhi.

Earlier on 23 March, the company had announced that it will increase prices of its model range in April to partially offset the impact of "overall inflation and regulatory requirements". The company continues to witness increased cost pressure driven by overall inflation and regulatory requirements, the automaker had stated.

While the company makes maximum effort to reduce cost and partially offset the increase, it has become imperative to pass on some of the impact through a price increase, it had said.

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

Apart from MSI, several automakers, including Honda Cars, Tata Motors and Hero MotoCorp have announced increase in prices from April.

From April 1, vehicles will need to have an on-board self-diagnostic device to monitor the real-time driving emission levels, conforming to the stricter emission norms.

Speaking of company's sales number, its total sales declined marginally to 1,70,071 last month. Total dispatches to dealers in the domestic market declined 3 percent to 1,39,952 units. However, exports increased 14 percent to 30,119 units last month. For the last financial year, the company reported its highest ever wholesales till date at 19,66,164 units, up 19 per cent from 16,52,653 units in 2021-22. Domestic dispatches stood at 17,06,831 units in 2022-23 and exports rose to 2,59,333 units.

However, the company crossed the 25 lakh units milestone of cumulative exports since starting of overseas shipments. It shipped Maruti Suzuki Baleno - its 2.5 millionth landmark vehicle from Gujarat's Mundra Port to Latin America. The automaker started exports with shipments to neighbouring markets like Bangladesh and Nepal in 1986-87. Maruti Suzuki's first big consignment of 500 cars was shipped to Hungary in September 1987. It currently exports to nearly 100 countries, including markets in Africa, Latin America, Asia, and the Middle East.

Recently, Maruti Suzuki India Senior Executive Officer, Marketing and Sales, Shashank Srivastava said that the auto maker expects the sale of its premium vehicles sold through the Nexa retail outlets to exceed the overall sales of Hyundai and Tata Motors by 2023. The company started its Nexa retail chain in 2015 to sell Maruti Suzuki's premium vehicles. It sells models such as Baleno, Ignis, Ciaz, XL6 and Grand Vitara and has recently crossed the cumulative sales milestone of 20 lakh units. The upcoming SUVs Fronx and Jimny - unveiled at Auto Expo 2023 will also be sold through the chain.

(With inputs from PTI)

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Updated: 02 Apr 2023, 05:41 AM IST
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