New Delhi, Sep 7 (IANS) Leading automobile firm Maruti Suzuki India on Monday announced an additional price hike for select vehicle models by up to Rs 20,000 effective from the current month, citing a sustained rise in input costs.
The automaker said inflationary pressures and an adverse cost environment had persisted despite its efforts over the past few months to mitigate the impact through cost-reduction measures.
“With inflationary burdens at elevated levels and the adverse cost environment enduring, the Company is constrained to pass on a portion of the increased costs to the market,” Maruti Suzuki said in an exchange filing.
The company said it would continue to ensure that the impact of the price increase on customers was kept to the minimum extent possible.
However, India’s largest passenger carmaker Maruti Suzuki did not disclose the models covered by the price increase or the revised prices for individual variants in the filing.
The company has periodically raised vehicle prices in response to increases in input costs, while also undertaking cost-reduction measures to limit the impact on customers. Earlier in August, the firm had raised prices across its Arena and Nexa models with increases ranging from Rs 2,500 to Rs 30,000 depending on the model and variant.
In addition, Tata Motors Passenger Vehicles had also announced a price hike of up to Rs 25,000 across its passenger vehicle portfolio, including internal combustion engine and electric models, effective September 1.
Additionally, Hyundai Motor India announced a price increase of up to 1 per cent across its portfolio.
The price hike comes as automakers face continued pressure from higher input costs, with companies seeking to balance cost inflation against demand and affordability in the passenger vehicle market.
At around 12 pm, shares of Maruti Suzuki on Monday were trading at Rs 12,774.95, up 0.6 per cent on the BSE.
–IANS
ag/
