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Maruti Suzuki intends to raise automobile prices beginning in January 2023

According to the sources, Maruti Suzuki India has announced that it intends to raise prices on all of its models starting in January 2023. It cited cost challenges brought on by inflation and regulatory obligations.

Maruti Suzuki and Car Prices

It has become necessary to pass on some of the impacts through a price increase, the automaker stated in an exchange filing, despite the company’s best efforts to reduce costs and partially offset the increase. The price hike, which will differ between models, is scheduled to take effect in January 2023 per the firm.

Maruti Suzuki intends to raise automobile prices beginning in January 2023
credits – businessinsider.in

In November 2022, the carmaker recorded a 14% year-over-year increase in total sales. Compared to the same month last year, Maruti Suzuki sold 1,59,044 cars in November of this year. The total includes exports, sales to other OEMs (4,251 units), and domestic sales (1,35,055 units) (19,738 units).

Although sales were increasing, the lack of electric components had an impact on domestic model production. The automaker also claimed that the lack of electronic parts had a negligible effect on the manufacturing of cars, mostly domestic models. The business did everything it could to lessen the effects.

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Maruti Suzuki intends to raise automobile prices beginning in January 2023
credits – indianexpress.com

About the Domestic Sales

Domestic sales for the company increased 18% to 1,39,306 units from 1,17,791 units in November of last year. Alto and S-Presso sales increased from 17,473 to 18,251 units in the same month last year.

Maruti Suzuki intends to raise automobile prices beginning in January 2023
credits – tribuneindia.com

Swift, Celerio, Ignis, Baleno, and Dzire sales, which make up the compact sector, increased from 57,019 units in November of the previous year to 72,844 units in November.

In November of this year, sales of utility vehicles such as the Vitara Brezza, S-Cross, and Ertiga increased to 32,563 units, compared to 1,554 units for the mid-sized sedan Ciaz. In contrast, exports decreased to 19,738 units from 21,393 units in the same month last year. Maruti Suzuki India shares decreased 1.58 percent to 8,815 per share on the BSE.

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Read: The Top-selling used cars in India

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