The country’s biggest automaker, Maruti Suzuki India (MSI), said on Wednesday it would increase prices across its model range this month amid rising input costs.
Over the past year, the cost of the company’s vehicles continued to be negatively impacted due to increases in various input costs, the auto major said in a regulatory filing.
“Therefore, it is imperative for the company to pass some of the above additional costs on to customers through a price increase,” it added.
The company has planned to increase prices in April and the increases will vary for different models.
However, the company did not provide any information on the amount of the proposed price increases
MSI has already increased vehicle prices by about 8.8% from January 2021 to March 2022 due to steadily increasing input costs.
Auto companies have raised prices as the cost of raw materials like steel and aluminum and precious metals like palladium rise.
The industry has also cited increases in freight and transportation costs, as well as electronic component costs, as factors behind rising vehicle prices.
Various automakers have announced price increases or are planning to increase the prices of their respective products starting this month.
Toyota Kirloskar Motor has raised the prices of its entire model range by up to 4% from April 1 to offset the impact of rising input costs.
Similarly, BMW India has hiked product prices by as much as 3.5% since this month. Other luxury car manufacturers such as Audi and Mercedes-Benz have also increased prices from April 1st.