Maruti Suzuki India hikes prices by around 0.45% across models from Jan 16

Maruti Suzuki price hike: The company's announcement followed as several automakers have announced that they will increase prices due to rising input costs and other factors

Maruti Suzuki India, on Tuesday, announced a price hike of approximately 0.45 per cent across all models, effective from January 16.

The carmaker, in a regulatory filing, said, "An estimated weighted average of increase across models stands at around 0.45%. This indicative figure is calculated using Ex Showroom prices of models in Delhi and will come into effect from January 16, 2024."

This comes after the company had intimated last year that it would hike prices in January 2024. However, it had not specified the quantum of hike then. "The company has planned to increase the prices of its cars in January 2024 on account of increased cost pressure driven by overall inflation and increased commodity prices," the company had said in a regulatory filing on November 27.

Volvo India hikes price

Notably, a day before, Volvo Car India announced a price increase of its conventional engine vehicles by 2 per cent. The luxury car maker, however, has decided to keep the prices of its electric vehicles unchanged.

"We are focused on sustainable luxury e-mobility and have committed that we will be an all-electric company by 2030. We encourage the adoption of EVs and, as part of this endeavour, have decided that as of now, we will hold the prices of our EVs despite rising forex and input costs," Volvo Car India managing director Jyoti Malhotra said on Monday.

Luxury to budget - several automakers intend to hike prices

Toward the end of last year, several car manufacturers announced their intentions to increase the prices of their products in the new year, citing rising input and operational costs.

Volkswagen Passenger Cars had said it planned to hike prices by up to 2 per cent across the model range. Tata Motors Limited, Mahindra and Mahindra, Honda Cars India, and Hyundai Motor India also announced last year that they would increase the prices of their models starting in 2024.

Italian superbike maker Ducati, Mercedes-Benz and Audi also plan to follow the lead.

(With PTI inputs)