Maruti Suzuki India to hike prices across models in January

Maruti Suzuki India to hike prices in Jan, quantum not finalised.

Published on: Nov 27, 2023, 17:06:15 IST

By HT News Desk

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Maruti Suzuki India announced on Monday its intention to raise vehicle prices in January 2024, attributing the decision to cost pressures stemming from overall inflation and elevated commodity rates.

Corporate office of Maruti Suzuki India Limited is pictured in New Delhi. (REUTERS)

"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," Maruti Suzuki India said in a regulatory filing.

It continued, "While the company makes maximum efforts to reduce cost and offset the increase, it may have to pass on some increase to the market. This price increase shall vary across models."

The company, offering a diverse range of vehicles priced between ₹3.54 lakh and ₹28.42 lakh (ex-showroom Delhi), including the entry-level small car Alto and the multi-utility vehicle Invicto, did not disclose the specific extent of the upcoming price adjustment.

Earlier in the day, German luxury car maker Audi said it will hike prices of its vehicles in India by up to 2 per cent from January next year, citing rising input and operational costs.

The price hike will be effective from January 1, 2024 and will be across the model range, Audi India said in a statement.

In related news, Maruti Suzuki India said its board has approved allotment of over 1.23 crore shares to its parent Suzuki Motor Corporation (SMC) on a preferential basis for buyout of its Suzuki Motor Gujarat.

The company's board has approved allotment of 1,23,22,514 shares to SMC having face value of ₹5 each at a price of ₹10,420.85 per share, the auto major said in a regulatory filing.

As per the valuation report issued by RBSA Valuation Advisors LLP, the ₹10,420.85 price per share approved by Maruti Suzuki board is equivalent to ₹12,841.1 crore in value terms.

With the allotment, SMC's stake in Maruti Suzuki India (MSI) will increase to 58.19 per cent from the earlier 56.48 per cent.

(Inputs from PTI)

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