Maruti Suzuki announced a 1.1% price increase across its models on Monday. According to a company release, this indicative figure is calculated using ex-showroom prices of models in Delhi and went into effect from 16th January 2023.
“An estimated weighted average of increase across models stands at around 1.1 per cent. This indicative figure is calculated using Ex Showroom prices of models in Delhi and will come into effect from 16th January, 2023,” the carmaker said in a stock exchange filing.
Maruti Suzuki, which manufactures the Baleno, Celerio, Dzire, Ignis, Swift, and WagonR, stated that the price increases will vary depending on the model.
Hyundai and Tata Motors, as well as luxury brands Audi and Mercedes-Benz, have announced plans to raise prices across their offerings beginning this month to offset the impact of rising costs. They had previously stated that costs would rise through 2022 due to a shortage of semiconductors, among other factors.
Prices are rising as car sales in India resume following disruptions caused by COVID-19 and component shortages, including semiconductors. Companies are increasing their vehicle production capacity, and Maruti Suzuki is constructing a new factory in Haryana.
Maruti Suzuki India Ltd reported a 9% drop in total wholesales to 1,39,347 units in December 2022, compared to the previous year. Maruti Suzuki India (MSIL) said in a statement that the company sold 1,53,149 units in the same month in 2021.
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