Maruti Suzuki has cited price hike as the reason behind its recent move. Other car brands including JSW, MG Motors and Hyundai have also taken similar decisions.
Maruti Suzuki India Limited has announced that it will raise the prices of its cars from January 2025. The increase will be up to 4 percent and will vary depending on the specific car model. The company explained that the decision has been taken as a result of higher costs of materials and running the business. While Maruti Suzuki is working hard to keep costs low and minimise the impact on buyers, some price hike is necessary to maintain its operations and ensure the quality of its vehicles.
This price hike announcement from Maruti Suzuki comes after similar decisions taken by other major car brands. For instance, Hyundai Motor India Ltd (HMIL) on December 5 announced that it will increase prices for its 2025 models by up to Rs 25,000 from January 1, 2025, due to rising costs of materials, transportation and currency changes. The company’s COO Tarun Garg explained that they try to absorb some of the costs, but the price hike is necessary to keep up with the continued rise in expenses.
Additionally, on December 2, Audi India also announced a 3 per cent increase in prices of its vehicles, citing similar reasons. The luxury brand emphasised that this adjustment is crucial for their growth and the dealerships they partner with.
Raising prices at the start of the year has become common in the car industry, allowing companies to adjust their pricing in response to increased costs over the previous year while remaining competitive in the market.
Maruti Suzuki, India’s largest carmaker, reported good sales in November, selling 141,312 vehicles, up from 134,158 units in November 2023. However, sales were down from October 2024, when they sold 159,591 units. Total vehicle sales in November 2024 reached 181,531, including 144,238 cars sold in India, 8,660 cars sold to other manufacturers and 28,633 cars exported to other countries.
