India's largest car-maker Maruti Suzuki has hiked the prices of its models in India with immediate effect. The quantum of the price hike ranges from Rs. 1,500 to Rs. 20,000.
The reason for the hike is not yet known. However, it was recently reported that the prices of cars in India are going to be increased before the festive season as essential raw material such as aluminium, copper and steel is becoming costlier by the day.
It is not clear yet if the price hike is effective for all models of Maruti Suzuki. While the price of the company's hot-selling Vitara Brezza compact SUV will go up by up to Rs. 20,000, the premium hatchback, the Baleno, will see a hike in price by up to Rs. 10,000. The details of the variant-wise price hike of other models are awaited.
South Korean auto-major Hyundai is also reportedly planning to increase the price of its Creta SUV by up to Rs 15,000 from September this year. Other car-makers are also expected to follow suit.
Meanwhile, Maruti Suzuki has posted its monthly domestic sales figure of 1,25,778 units in July, its best ever performance yet, which is up 13.9 percent from the previous 1,10,405 units sold in July 2015. The company also recorded a 12.7 percent increase in total sales, at 1, 37,116 units in July, as against 1,21,712 units sold in July 2015.