Price hike by many automakers, including Maruti Suzuki and Tata Motors, are set to begin in January 2024
Price hikes by many automakers, including Maruti Suzuki and Tata Motors, are set to begin in January 2024
India: Get prepared for a surge in car prices come January 2024, primarily attributed to the increase in input costs within India. Major automakers are gearing up for this price hike.
Many top automakers like Tata Motors, Maruti Suzuki, Audi India, Hyundai and others, are planning probably, to hike prices of their four-wheelers in the 2024.
Tata Motors:Â
Tata Motors is also considering a price hike in January 2024 with the planned increase in passenger vehicles and electric vehicle portfolio.
We are considering a price hike across our passenger and electric vehicles in January 2024. The extent of the hike and exact details will be announced in a few weeks,” a company’s spokesman had said in November. The prominent automaker has not disclosed the percentage of price of price hike expected in the coming year.
Maruti Suzuki:
Maruti Suzuki Ltd. had last hiked the vehicle prices by 0.8% in April this year. In the last fiscal, it had effected a total price hike of 2.4%. As steel prices have firmed up a little over the last 3-4 months, which accounts for around 38% of commodity buying and the impact of the volatility of commodity prices on costs said Maruti Suzuki spoke person.
Audi India:Â
German luxury car maker Audi had earlier said that it will hike the prices of its vehicles in India by up to 2% from January next year, citing rising input and operational costs.
Due to rising supply chain-related input and operational costs, we have effected a price correction across our model range, maintaining the brand’s premium price positioning,” Audi India Head Balbir Singh Dhillon said in a statement.
The price hike will be effective from January 1, 2024, and will be across the model range, Audi India had stated.
MahindraÂ
Mahindra intends to raise the prices of its SUVs in response to inflation and soaring costs, although specific details about the price hike remain unknown.
Hyundai
Hyundai attributes its upcoming price hike to mounting input costs, rising commodity prices, and unfavorable exchange rates.However, the carmaker has not disclosed the extent of the increase.
Several other automakers, including BMW, Volkswagen, SKODA, Mercedes-Benz, Volvo, Nissan, and Honda have announced price hikes starting January 2024.The price increase will range mostly from 2% to 3%, with some automakers keeping the exact percentage under wraps.
