The country’s largest car maker – Maruti Suzuki – will undertake price hikes on the back rising input costs and the price increases shall vary for different models, the Gurugram-based company said in a stock exchange filing.
“Over the past year the cost of company’s vehicles has been impacted adversely due to increase in various input costs. Hence, it has become imperative for the company to pass on some impact of the above additional cost to customers through a price increase in April, 2021,” Maruti Suzuki said in a stock exchange filing.
In January, rival Mahindra and Mahindra increased prices of its personal and commercial vehicles by 1.9 per cent, while Tata Motors raised prices for its passenger vehicles by up to Rs 26,000.
In January, Maruti had cited a rise in input costs and said it will hike price up to Rs 34,000 on some car models.
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.