New Delhi: Maruti Suzuki India has announced another price increase across select models, with customers set to pay up to Rs 20,000 more from September as rising input costs continue to put pressure on the country's largest passenger vehicle maker.
The Maruti Suzuki price hike will come into effect during the current month, the automaker said in an exchange filing on Monday.
Rising Input Costs Push Up Car Prices
Maruti Suzuki said inflationary pressures and an adverse cost environment have persisted despite efforts to absorb higher expenses through cost-reduction measures.
"With inflationary burdens at elevated levels and the adverse cost environment enduring, the Company is constrained to pass on a portion of the increased costs to the market," the company said.
Maruti Suzuki added that it would continue efforts to keep the impact of higher prices on customers as low as possible.
The company, however, did not disclose which Maruti Suzuki models would become costlier or provide variant-wise revised prices.
Second Price Hike in Two Months
The latest increase comes shortly after Maruti Suzuki raised prices across its Arena and Nexa models in August.
That revision ranged between Rs 2,500 and Rs 30,000 depending on the vehicle and variant.
Other major automakers have also announced price increases amid continued pressure from higher input costs.
Tata Motors Passenger Vehicles increased prices by up to Rs 25,000 across its passenger vehicle portfolio, including internal combustion engine and electric vehicles, from September 1.
Hyundai Motor India also announced a price increase of up to 1% across its vehicle portfolio.
Maruti Suzuki Shares Rise
The latest round of car price hikes in India comes as automakers attempt to balance higher production costs with consumer demand and vehicle affordability.
Meanwhile, Maruti Suzuki shares were trading 0.6% higher at Rs 12,774.95 on the BSE at around noon on Monday.
