(Image source from: Twitter.com/Maruti_Corp)
Maruti to hike their car prices from 2024:- Maruti Suzuki India, the country's leading car manufacturer, has announced plans to raise vehicle prices in January 2024. The decision is attributed to the impact of overall inflation and increased commodity rates, which have put pressure on costs. While the exact extent of the price hike has not been disclosed, Shashank Srivastava, Senior Executive Officer of Marketing and Sales at Maruti Suzuki India, stated that it would vary across different models and could be substantial in some cases. The company had previously raised prices by 0.8% in April of this year and by a total of 2.4% in the last fiscal year. Srivastava acknowledged that the current circumstances have left them with no choice but to increase prices, though the exact magnitude of the increase is yet to be determined.
Due to rising inflation and higher prices for commodities, the company has announced that starting in January 2024, there will be an increase in costs. Despite the company's best efforts to minimize expenses and counteract the impact, there may be a need to pass on some of these increases to the market. The extent of the price adjustments will vary depending on the specific models.