Maruti Suzuki: Maruti Suzuki announced on Monday that starting on January 16, prices on all of its models will increase by roughly 1.1%. In December 2022, the corporation revealed its plans to raise prices in January as a result of rising cost pressure brought on by recent regulatory requirements as well as general inflation. “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,” The company had said in an earlier statement.
Due to rising input costs, automakers have been frequently raising prices over the past few years.
According to Mansi Lall, a research analyst at Prabhudas Lilladher “The price hikes that auto companies have done is a huge jump for buyers in lower-to-middle income brackets.”
In addition, the industry is becoming cautious due to the rising interest rates, the unfavourable state of the world economy, and the potential effects on India.
What did the Maruti Suzuki officials say about the move?
R C Bhargava, the chairman of Maruti Suzuki India, said in a statement. “Increase in price always has a certain negative impact on sales. But we still do not know how much the prices will go up and what will happen to input cost and foreign exchange. These are uncertainties which will always be there,”
However, he said that the domestic auto sector had just recovered and that semiconductor shortages would likewise end in 2023.
“Putting it all together, our estimate would be that next year would probably be a reasonably good year for the industry. I think we should do at least as well if not better than 2022,” R C Bhargava added.
Also Read: Maruti Suzuki Fronx: Specifications, features, price and booking, all about this amazing SUV
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