Maruti Suzuki to hike car prices from Jan 2024

Maruti Suzuki has recently declared its intention to raise the prices of its vehicles, with the new prices taking effect from 1st January 2024. According to a press release, the company has attributed this decision to the mounting cost pressure resulting from overall inflation and increased commodity prices.

The company has also mentioned that despite exerting utmost efforts to minimize expenses and counterbalance the rise, it might be necessary to transfer some of the increase to the market. It appears that all Maruti models could potentially experience a price surge, although the car manufacturer has not yet disclosed the precise increment for its models. The extent of the price hike is anticipated to differ among the various models.

Maruti, the leading car manufacturer in India, holds the dominant position in the market with a substantial market share of approximately 45%. In October of this year, the automaker achieved a remarkable milestone by recording its highest-ever monthly sales, reaching an impressive figure of 1,99,217 units. 

This outstanding performance reflects a significant year-on-year growth of 19%. Comparatively, in October 2022, Maruti had dispatched 1,67,520 units, highlighting the company’s continuous progress and success in the automotive industry.

The company offers a diverse selection of cars, starting from Alto to Invicto, with prices varying between Rs 3.54 lakh and Rs 28.42 lakh (ex-showroom). Maruti Suzuki recently implemented a price increase on April 1st of this year. Previously, in January 2023, the company had announced a 1.1% price hike across all models.