The price hike will be effective from January 16, 2024.
“An estimated weighted average of increase across models stands at around 0.45%. This indicative figure is calculated using Ex Showroom prices of models in Delhi and will come into effect from 16th January, 2024,” the company said in a stock exchange intimation.
Shares of Maruti Suzuki were trading with gains of around 1.5 per cent as of 11:25 am while the benchmark indices were trading muted with a positive bias.
The company in November had intimated its intention to increase prices of its models. “The Company has planned to increase the prices of its cars in January, 2024 on account of increased cost pressure driven by overall inflation and increased commodity prices. While the Company makes maximum efforts to reduce cost and offset the increase, it may have to pass on some increase to the market,” it had said then.
Automobile company Tata Motors too had announced a price hike for its commercial vehicle models from Januar 2024 to offset the residual impact of the past input costs. The commercial range includes Tata Ace, Tata Intra, Tata Winger among other popular models. Citing similar reasons, Mahindra & Mahindra also had hiked prices this month, along with Honda Cars India & luxury car dealer Audi.Maruti Suzuki India revealed earlier this month that overall sales fell 1.28 percent to 1,37,551 units in December 2023. A year prior, the company reported 1,39,347 units sold overall in the same month. According to a statement from Maruti Suzuki India, total domestic sales, which include passenger cars, commercial vehicles, and third-party supplies, were 1,10,667 units this month compared to 1,17,551 units in the same period last year, a decrease of 5.86 percent.