Maruti Suzuki hikes vehicle prices by around 1.1% across models

Maruti Suzuki India on Monday said it has hiked prices of its vehicles across models by about 1.1 per cent.

This is the second price hike that the carmaker is undertaking in the ongoing fiscal year, after increasing it in April 2022.

Also read: Maruti plays catch-up as Indian middle-class laps up compact SUVs

Rising input costs

In December last year, the company had said it would hike prices of its vehicles to offset the impact of rising input costs and make provisions to update the model range to conform to stricter emission norms which will kick in from April 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 January 16, 2023,” Maruti Suzuki India said in a regulatory filing.

The company sells a range of vehicles starting from entry-level small car Alto to SUV Grand Vitara, which are priced between Rs 3.39 lakh and Rs 19.49 lakh (ex-showroom Delhi).

New products

Maruti had on January 2 unveiled two new products – Jimny and Fronx – in India in a bid to secure the top position in the sports utility vehicle segment and regain 50 per cent market share in the country’s passenger vehicles market.

Also read: Maruti Suzuki unveils Jimny, Fronx; eyes top slot in SUV segment

In an interaction with reporters on the sidelines, while he did not share a timeline for getting to 50 per cent market share, Maruti Suzuki India MD and CEO Hisashi Takeuchi said a more realistic target was to get to around 45 per cent in 2023-24, and the SUVs would play a key role in it.

In 2022, India’s passenger vehicles market is estimated to have clocked record sales of 37.93 lakh units at a growth of 23 per cent.

(With Agency inputs)