Maruti Suzuki India, the largest passenger car manufacturer in India, on Tuesday announced an increase in prices of its entire model range with immediate effect amid rising cost pressure due to high commodity prices.
An estimated weighted average of increase across models stands at around 0.45%, Maruti Suzuki India said in a regulatory filing.
This indicative figure is calculated using ex-showroom prices of models in Delhi and will come into effect from 16th January, 2024, it added.
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The company had on April 1 last year raised prices across all its vehicle models.
Maruti Suzuki India sells a range of cars starting from Alto to Invicto, priced between ₹3.54-28.42 lakh (ex-showroom).
In December 2023, Maruti Suzuki sold a total of 137,551 units, registering a drop of 1.28% from 139,347 units sold during December 2022. The company’s total sales in the month include domestic sales of 106,492 units, sales to other OEM of 4,175 units and exports of 26,884 units.
For the first time, the company crossed the annual sales milestone of 2 million units in calendar year 2023, which includes its highest ever calendar year exports of 269,046 units.
Maruti Suzuki India’s production in December also declined nearly 3% to 121,028 units from 124,722 units, YoY.
Last week, Maruti Suzuki announced to invest about ₹32,000 crore to establish an automobile plant in Gujarat that will eventually produce about 1 million vehicles every year. The plant is expected to begin operations in FY2028-29.
The auto major will invest another ₹3,200 crore to set up a fourth production line at its wholly owned subsidiary Suzuki Motor Gujarat Pvt. Ltd for increasing production of electric vehicles.
Maruti Suzuki share price gained after the announcement of hike in vehicle prices.
At 12:25 pm, Maruti Suzuki shares were trading 1.32% higher at ₹10,219.20 apiece on the BSE.
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