Maruti hikes car prices by up to Rs 5250
The country's largest car maker Maruti Suzuki India today said it has hiked prices of its all models by up to Rs 5,250 with immediate effect to offset adverse impact of foreign exchange fluctuation and rising input costs.
October 03, 2012 / 16:51 IST
The country's largest car maker Maruti Suzuki India today said it has hiked prices of its all models by up to Rs 5,250 with immediate effect to offset adverse impact of foreign exchange fluctuation and rising input costs.
"The average hike in the price across models is around 1 per cent and the range will be between Rs 2,500 and Rs 5,250," a company spokesperson said. The price increase will take place with immediate effect, he added.The company sells a range of models starting with the small car M800 to the luxury sedan Kizashi, which are priced between Rs 2.04 lakh and Rs 17.5 lakh (ex-showroom Delhi).Last month, Maruti Suzuki India Chief Operating Officer (Marketing and Sales) Mayank Pareek had said the company would hike prices of its vehicles due to various factors."There is a lot of pressure on our margins due to the foreign exchange fluctuation and rising input costs," he had said.The company had said that in order to counter the impact of adverse currency movement, it is targeting to reduce its forex exposure by nearly 65 per cent to USD 600 million by March 2015 for which it is working with its vendors to reduce imports.Besides, the company is looking out for new markets to increase exports of its products to mitigate impact of unfavourable foreign exchange fluctuation.Other car makers including Honda Cars, General Motors and Audi India have either raised the prices of their vehicles or in the process to do so. .Also read: Bullish on M&M; prefer Bajaj Auto over Hero Motocorp, says IIFL Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
