New Delhi:The country’s largest automaker, Maruti Suzuki India Limited (MSIL), said on Wednesday it would raise prices for its models this month and the increase would vary by model.
On March 31, ETAuto announced that OEMs like Maruti Suzuki, Mahindra & Mahindra and Tata Motors were planning further price hikes to “offset the steep and persistent increase in raw material costs”.
“Over the past year, the cost of the company’s vehicles continues to be negatively affected by rising costs for various inputs. Therefore, it has become imperative to pass on some of the additional costs to customers through increased prices,” the company said in a statement.
“We expect this price increase this month (April 2022} and the increase will vary by model,” he added.
Since January 2021, Maruti Suzuki has taken four price increases totaling almost 9%.
Automakers in other segments like Audi and BMW, Tata Motors CV and Hero MotoCorp have already announced price hikes in April.
Raw materials, which have seen a constant rise in prices for several months, constitute nearly 75 to 78% of the cost of manufacturers. Unfortunately, due to ongoing geopolitical tensions between Ukraine and Russia, prices remain uncertain.
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