Maruti Suzuki To Hike Prices Between July- September
Once again Maruti Suzuki India (MSI), country’s largest car manufacturer, is set to increase the prices of its vehicles. The proposed hike would be announced in the second quarter of FY2022. It would be the third such price increase in 2021 for Maruti.
In a regulatory filing with the Bombay Stock Exchange, Maruti said a rise in inputs costs as the primary reason for the proposed price hike, as it needed to pass on some of the impact of the rising costs to its customers.
“Over the past year the cost of the Company's vehicles continue to be adversely impacted 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 rise. The price rise has been planned in the second quarter and the increase shall vary for different models, “ it said.
MSI had first increased the prices in January 2021. Back then the price for select models had seen an upward revision of up to Rs 34,000 citing higher input costs. Again, in April 2021, Maruti went for a price hike on select models because of higher input costs.
With COVID19 pandemic affecting supply chains globally, raw material movement has been a challenge for manufacturing units. While the global semiconductor shortage is further creating problems for Auto companies.
