Maruti Suzuki, India’s top car manufacturer, is set to implement a price increase across its vehicle range starting from January 1, 2024. The decision is attributed to growing cost pressures stemming from overall inflation and increased commodity prices, prompting the company to make adjustments.
Despite making concerted efforts to minimize expenses, Maruti Suzuki acknowledges the need to transfer some of the increased costs to the market. While the precise increment for each model has not been disclosed, all Maruti models are expected to see a price surge, with variations in the extent of the hike.
As the dominant player in the Indian automotive market, Maruti Suzuki commands a substantial market share of approximately 45%. The company recently achieved a significant milestone in October 2023, recording its highest-ever monthly sales of 1,99,217 units, reflecting a remarkable year-on-year growth of 19%.
With a diverse lineup of cars ranging from Alto to Invicto and prices between Rs 3.54 lakh and Rs 28.42 lakh (ex-showroom), Maruti Suzuki has been a consistent performer in the automotive industry. This upcoming price adjustment follows the company’s previous increases, with the most recent one in April 2023 and an earlier hike of 1.1% announced in January 2023.
