Maruti Suzuki to hike prices from January

The car major announced on Friday that it will hike prices of its vehicles in January 2023.

The company said that the price increase will vary across models.

"The Company continues to witness increased cost pressure driven by overall inflation and recent regulatory requirements. While the company makes maximum effort to reduce cost and partially offset the increase, it has become imperative to pass on some of the impact through a price increase," Maruti Suzuki India said in a statement.

Separately, the company said today that its total vehicle production rose 4.96% year-on-year to 152,786 units in November 2022.

Total passenger vehicle production rose 6.55% YoY to 1,51,326 units last month. Total production of its light commercial vehicle, Super Carry, dropped 58.70% YoY to 1,460 units.

The shortage of electronic components had a minor impact on the production of vehicles during November'22. It is expected that the shortage of electronic components may have an impact on December'22 production more than that in the recent months. The company is taking all possible measures to minimise the impact.

The car major reported total sales of 1,59,044 units in November 2022, a growth of 14.27% against 1,39,184 units sold in November 2021.

Total sales in the month include domestic sales of 135,055 units (up 19.50% YoY), sales to other OEM of 4,251 units (down 10.96% YoY) and exports of 19,738 units (down 7.74% YoY).

Maruti Suzuki India is engaged in the manufacture, purchase and sale of motor vehicles, components, and spare parts (automobiles).

The company reported a standalone net profit of Rs 2,061.5 crore in Q2 FY23, steeply higher than Rs 475.3 crore recorded in Q2 FY22. Net sales jumped 47.91% to Rs 28,543.5 crore in quarter ended 30 September 2022, as against Rs 19,297.8 crore posted in the same period last year.

Shares of Maruti Suzuki India fell 1.58% to Rs 8815.10 on the BSE.

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