Experts say that the price hikes will be in the range of 2-3 per cent, with even higher increases for some of the best-selling models. The extent of the price hikes will vary across different car models, ranging from a few thousand rupees to significantly more for premium vehicles.
Maruti stated that while the company has been trying to absorb the increased input costs, it is now compelled to pass on some of the hike to the market due to mounting inflationary pressures. A Maruti spokersperson said that that the price hike would be “substantial” in some models.
“While the company makes efforts to reduce costs and offset the increase, it may have to pass on some of the increase to the market. This price increase will vary across models,” the Maruti spokerperson said.
Maruti had last hiked vehicle prices by 0.8 per cent in April this year. It had effected a total price increase of 2.4 per cent last fiscal.
Tata Motors also confirmed that prices will increase, including for electric vehicles. A company spokesperson said, “We are considering a price hike across our passenger and electric vehicles in January. The extent of the hike and exact details will be announced in a few weeks.” Mahindra and Mahindra CEO (Automotive Division) Nalinikanth Gollagunta told PTI that based on the inflation and commodity prices outlook, “we intend to take a price increase for our automotive products effective January 2024. The details for which will be announced closer to the time, he said in a statement. Audi, the German luxury car maker, also announced a 2 per cent price increase across its model range. “Due to rising supply-chain related input and operational costs, we have effected a price correction across our model range. The price correction aims to ensure sustainable growth for Audi India and our dealer partners, and we will ensure that the price hike’s impact is as minimal as possible for customers,” Balbir Singh Dhillon, the head of Audi India, told TOI.
Mercedes-Benz India said it is also mulling price hike from January.
(Inputs from PTI and TOI)
