India's largest car maker Maruti Suzuki announced on Wednesday a price hike in all car models by up to ₹5,250, following suit of other auto majors who raised car prices in a bid to counter the impact of currency fluctuation and higher input costs.
"The average hike in the price across models is around 1 per cent and the range will be between ₹2,500 and ₹5,250," a company spokesperson said according to Press Trust of India (PTI).
Maruti India, controlled by Japan's Suzuki Motor Corp, has seen a 9.84 percent increase in its total sales in September. The company's monthly sale report published on Oct 1 showed that the total sales volume surged 10 percent to 93,988 units in September.
Maruti India offers an entire range of cars ranging from the entry level Maruti 800 and Alto, other hatchbacks like Ritz, Swift, Estillo, sedans like DZire, SX4 to multi-purpose vehicle Ertiga and Sports Utility vehicle Grand Vitara. The latest hike will be applicable to the entire range.
The company last month hinted at raising car prices. "There is a lot of pressure on our margins due to the foreign exchange fluctuation and rising input costs," Maruti Suzuki India Chief Operating Officer (Marketing and Sales) Mayank Pareek told PTI.
Auto companies like Honda Cars, General Motors and Audi India have also hiked car prices this month. Audi has increased the price of its sports utility vehicle Audi Q3 by ₹50,000, while Honda models like Brio, Jazz and City also witnessed a hike of 2.6 percent on its current price. On the other hand, Tata Motors on Tuesday unveiled its refreshed Indica eV2 model with a price cut of ₹23,000.