Maruti Suzuki has made up their mind to hike the prices of its vehicles next month, with effect from Jan 01, 2021. The company is yet to reveal the quantum of the price hike or will it be on select models or across a wide range. The Indian carmaker has stated an increase in input cost (cost of raw materials) as the primary reason for the price rise. Changing prices at the year-end has become a predictable story in the auto industry and all major car makers marginally hike the prices of their vehicles during this time of the year.
“Over the past year, the cost of the company’s vehicles has been impacted adversely due to an increase in various input costs. Hence, it has become imperative for the company to pass on some impact of the above additional cost to customers through a price increase in January 2021,” Maruti Suzuki said in a regulatory filing at the Bombay Stock Exchange.
Maruti is not the only carmaker that has made a price hike announcement this year. Carmakers like Ford and Hyundai have already hiked their vehicle prices earlier this year. Even premium auto brands like Audi and BMW marginally hiked prices of select models earlier in October and November month. Maruti Suzuki has also said in the filing that the price hike will differ from model to model, but is yet to share the price hike percentage.