Maruti Suzuki: Maruti Suzuki India Limited (MSIL) said on Friday that starting in January 2023, all of its car pricing will increase. In a regulatory statement, the company stated that this price rise is the result of rising cost pressure brought on by general inflation. The company also said in the statement that the increase will differ for various models.
What did Maruti Suzuki say?
The leading automaker in India said, “The Company continues to witness increased cost pressure driven by overall inflation and recent regulatory requirements. While the company makes the maximum effort to reduce costs and partially offset the increase, it has become imperative to pass on some of the impacts through a price increase.”
However, the range of the suggested price increase was not specified in the statement.
How much have the prices increased?
In April of this year, Maruti previously announced a price spike for the Swift hatchback and all CNG variants. They raised pricing across all of its models by 1.3%. The increase in various input costs was blamed for this price increase. Between January 2021 and March 2022, the corporation raised car prices by about 8.8% as a result of increases in input costs, which were mostly driven by high-cost commodities.
Maruti stated on Thursday that total wholesale sales were up 14% year over year (YoY). In the same month of the prior fiscal year, they sold 1.39 lakh units as opposed to 1.59 lakh units this year. Domestic sales for Maruti increased by 18% to 1,39,306 units from 1,17,791 units in November 2021.
The largest automaker in the nation revealed last week that it will reclaim lost market share in India. The automaker held a 51 per cent market share in India during the 2018–19 year. That has decreased during the past three years.
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