India’s largest carmaker Maruti Suzuki India Limited (MSIL) on November 2 said that it will hike the prices of its models from January 2023 and that the increase will vary for different models.
In a statement to indices, the automaker said it continues to witness increased cost pressure driven by overall inflation.
"The Company continues to witness increased cost pressure driven by overall inflation and recent regulatory requirements. While the company makes the maximum effort to reduce costs and partially offset the increase, it has become imperative to pass on some of the impacts through a price increase. The Company has planned this price increase in January 2023 which shall vary across models," the filing said.
However, the company did not disclose the quantum of the proposed price hike.
Earlier in April this year, Maruti Suzuki India announced a price change for the hatchback Swift and all CNG variants owing to an increase in various input costs. Vehicle prices increased by 1.3 percent on all its models (ex-showroom Delhi).
Between January 2021 and March 2022, the company had hiked vehicle prices by around 8.8 percent owing to constant increases in input costs largely driven by pricier commodities.
The automaker while releasing its sales figures for November 2022 stated that its total sales rose 14.4 percent year-on-year (YoY) to 1.59 lakh units compared to 1.39 lakh units in the same month last fiscal.
Last week, the country’s largest carmaker had declared it will win back its market share from competitors such as Tata Motors after having lost ground over the past three years. The Gurugram-based carmaker is aiming to return to the heydays of 2018-19 when its overall share of the Indian car market topped 51 percent.
The company sells a range of models starting from Alto to S-Cross in the domestic market.
Meanwhile, shares of Maruti Suzuki India traded 1.58 percent lower at Rs 8,815 apiece on BSE during late trading hours on December 2.
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