Maruti Suzuki, India’s largest carmaker, is set to increase prices in September across models making it the third such hike in FY21-22. The Delhi-based carmaker had hiked prices in April and July.
“We wish to inform you that over the past year the cost of the company's vehicles continues to be adversely impacted due to an increase in various input costs. Hence, it has become imperative to pass on some impact of the additional cost to the customers through a price rise,” Maruti Suzuki India (MSIL) said in a stock exchange filing.
“The price rise has been planned across models in September 2021,” MSIL added. The company, however, did not specify the quantum of hike planned for next month. The hike will come just before the start of the festive season which kicks off with Ganesh Chaturthi on September 10.
Tata Motors, Honda Cars, Mahindra & Mahindra, Renault, and Toyota had raised prices in the July-August period. The hikes have been exercised to negate the increase in raw material costs such as steel and precious metals.Commodity prices are expected to remain at multi-year highs in the first half of FY22 (resulting in multi-year high average in FY22), before softening in the second half of the year, as per a report shared by rating and market intelligence company ICRA.