India’s largest automobile manufacturer, Maruti Suzuki India Ltd. has increased prices of its entire product portfolio in India by up to Rs 8,014 with immediate effect. The price hike on Maruti Suzuki cars in India will be in the range of Rs 1,500 to Rs 8,014 (ex-showroom Delhi) across models, Maruti Suzuki India (MSI) said in a release on Friday.
According to a statement issued by the firm, the hike in car prices is because of increase in commodity prices and input costs. Rise in transportation and administrative costs has also contributed to the decision.
“The hike in car prices is because of increase in commodity, transportation and administrative costs,” pointed out Maruti Suzuki India while revealing the model-wise increase in prices.
Currently, the company (Maruti Suzuki) sells a range of models, which starts from the entry level hatchback Alto 800 to premium crossover S-Cross, priced between INR 2.45 lakh and INR 12.03 lakh (ex-showroom Delhi).
The automaker, MSI had last hiked the vehicle prices of its premium hatchback Baleno by Rs 10,000 and its high-selling compact sports utility vehicle (SUV) Vitara Brezza by Rs 20,000 in August 2016. On a select range of other models, the price increase was between Rs 1,500 and Rs 5,000.
Carmakers like Mahindra & Mahindra, Chevrolet and Isuzu Motors, Hyundai Motor India, Volkswagen, Nissan India, Mercedes-Benz India, Toyota Kirloskar, Renault and Tata Motors have already increased its prices of their vehicles from January 1. All automobile firms cited rising input costs as the reason, and also adverse impact of foreign exchange rates.
The prices of Toyota models and Honda vehicles have been increased by up to three percent (depending on the model), while the price hike of Mercedes-Benz is about two percent. Volkswagen hiked the prices in the range of three percent, while the prices of Tata Motors vehicles (depending on the model) went up in the range of Rs 5,000 to Rs 25,000. Popular domestic UV maker Mahindra and Mahindra increased prices of its vehicles by up to Rs 26,500 from January 2017.