Maruti Suzuki India, the leading automaker in the nation, announced Maruti Suzuki price hike on Friday starting from January 2023. The company stated that the price increase would differ between models without providing any details.
This decision was motivated by cost constraints, growth, and regulatory restrictions. Check below for this latest Maruti Suzuki news in detail.
Reason Behind the Maruti Suzuki Price Hike
The company is still experiencing rising cost pressure caused by both current legal requirements and price inflation. It has been essential to pass on some of the effects through a price hike even while the firm makes every attempt to decrease costs and largely offset the increase, according to an exchange filing by Maruti Suzuki.
The corporation still needs to disclose the size of the price increases.
In a statement against Maruti Suzuki price hike news, the Company has scheduled this rate increase in January 2023, which shall vary across different models.
Maruti Suzuki announced two earlier price increases in January and April of this year. The firm raised the pricing of its well-known vehicles by up to 22,000 during the previous price increase, including the hatchback Swift, Alto, Baleno, Ertiga, and more.
The car manufacturer Maruti Suzuki price hike at the beginning of 2022 for its entry-level and mid-range vehicles by between 21,000 and 30,000 rupees.
A 14% Growth was Reported by Maruti Suzuki in November 2022
The day after reporting a 14.27% increase in sales in November over the prior year, Maruti Suzuki price hike 2022 once more.
In comparison to November 2021, when 1, 39,814 automobiles were sold, the automaker sold 1, 59,044 during the month. Sales for the corporation, nevertheless, fell 5.06% from October, when they had a bounce from the holiday season.
Ultimately, 72,844 units were sold in the compact class, which includes vehicles like the Swift, Baleno, and others, representing a 27.8% YoY increase. With 32,563 units sold, the compact SUV segment—which includes models like the Vitara Brezza, S-Cross, and Ertiga—saw a 32.5% YoY rise.
It’s Not the First Company to Announce a Price Increase
Maruti Suzuki is one of many businesses that have just announced a price increase. Last month, Tata Motors made a price increase of about 1%. Last month, Skoda also disclosed a price increase for the Kushaq and Slavia vehicles.
In November, Volvo, a luxury automaker, increased the price of its XC40 Recharge, XC60, and XC90 SUVs in India.
Not only Maruti Suzuki price hike, Hero MotoCorp, the biggest two-wheeler producer, approved a price increase across models last month and cited rising prices as the reason for its decision.