Sunday, October 24, 2021

Top carmaker to raise prices to tackle higher costs

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BENGALURU: Maruti Suzuki India will raise prices for different car models in April, its second increase in 2021, due to a rise in various input costs, the automaker said on Monday.

India’s auto sector was already seeing weak demand and higher costs when the COVID-19 pandemic dealt a blow last March.

Since then, carmakers have seen demand return but have warned about uncertainties ahead. Several carmakers have increased prices this year to keep up with rising costs.

In January, rival Mahindra and Mahindra increased prices of its personal and commercial vehicles by 1.9%, while Tata Motors raised prices for its passenger vehicles by up to 26,000 rupees.

In January, Maruti had cited a rise in input costs and said it will hike price up to 34,000 rupees ($469.85) on some car models.

On Monday, Maruti said the price hikes will come into effect in April, adding that the increase shall vary for different models without specifying by how much it planned to raise prices.

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