Maruti Suzuki Price Hike: In a major development, India's largest carmaker Maruti Suzuki India said on Monday that it has hiked the prices of select models due to rising input costs.
The weighted average price increase in ex-showroom prices (Delhi) across select models is 1.9 percent.
This is the third price hike by Maruti Suzuki India this year.
Last month, Maruti Suzuki said that a price hike was necessary as it looks to protect its profitability amid a steep rise in commodity prices.
MSI Senior Executive Director for sales and marketing Shashank Srivastava had said there was no other option left for the company but to increase prices to offset the impact of high commodity costs.
Last week, Maruti Suzuki India said it will recall 1.81 lakh units manufactured between May 4, 2018, to October 27, 2020, to rectify faults that may be potential safety defects, making it the largest recall so far.
Reportedly, MSI Senior Executive Director (Sales and Marketing) Shashank Srivastava said that there was no other option left, but to increase prices to offset the impact of high commodity costs.
He added that the steel prices have increased from Rs 38 per kg last year to Rs 65 per kg in May-June this year.
Likewise, copper prices have been doubled from USD 5,200 per tonne to USD 10,000 per tonne.