If you’re in the market for a new car, brace yourself for some unwelcome news. Leading auto companies, including Tata Motors, Mahindra, Audi, Maruti Suzuki, and Mercedes-Benz India, have announced plans to increase the prices of their vehicles starting January 2024. This decision comes in the wake of rising input costs, increased commodity rates, and overall inflation impacting the automotive industry.
Maruti Suzuki’s Second Price Hike in a Year:
Maruti Suzuki, a key player in the Indian automobile sector, has recently declared a variant-wise price hike for its entire lineup, scheduled to take effect from January 2024. The company attributes this move to the surge in input costs and inflation, marking its second price increase in the current financial year.
Tata Motors Contemplates a Price Adjustment:
Tata Motors, known for its diverse range of vehicles, is also considering a price hike for its passenger and electric vehicles from January 2024. While the extent of the increase remains undisclosed, a spokesperson for the company has confirmed that detailed information will be provided in the coming weeks.
Mahindra & Mahindra’s Decision for the New Year:
Mahindra & Mahindra, a stalwart in the Indian automotive scene, has made the strategic decision to increase the prices of its vehicles starting January 2024. Nalinikant Golagunta, CEO of the Automotive Division, has stated that further details regarding the price adjustments will be announced at an appropriate time.
Honda Cars India and MG Motor Follow Suit:
Honda Cars India, in response to escalating production costs, has also revealed its intention to raise car prices from January. Joining the league, MG Motor India is set to implement price hikes for its vehicles, aligning with the industry trend from the beginning of the new year.
Luxury Brands Join the Price Surge:
Even luxury car manufacturers are not exempt from this industry-wide shift. Mercedes-Benz India and Audi have both confirmed plans to increase prices from January 2024. Audi India cites a hike of up to 2%, attributing it to the escalating input and operating costs across their entire model range.
