Maruti Suzuki Private Limited on Wednesday had announced price hike on its line-up of cars from January 1, 2019 to offset adverse impact of increase in commodity prices and foreign exchange rates. However, the exact rate or percentage of increase has not been specified by the automaker. The company official said in a regulatory filing, “The cost of company’s vehicles has been impacted adversely due to increase in commodity prices and foreign exchange rates’’.
"Hence, it has become imperative for the company to pass on some impact of the above additional cost to customers through a price increase across various models in January 2019’’, it further added.
Earlier this week, the share price of Maruti Suzuki also dropped by 2.14 per cent to Rs 7559.55 per share on the Bombay Stock Exchange. Maruti Suzuki has a wide line-up of cars across various segments, starting from Rs 2.53 lakh to 11.45 lakh but the company has not disclosed the range of hike officially yet.
Apart from Maruti Suzuki, Japanese commercial automaker Isuzu Motors India also announced price hike of its vehicles by up to Rs 1 lakh from January to to offset increasing input and distribution costs.
Another Japanese carmaker Toyota Kirloskar Motors in November announced price hike by up to 4 per cent from January 1, 2019 to offset increasing manufacturing costs due to rupee depreciation.
Increase in price of Maruti Suzuki car range will definitely impact the middle-class section of India, which forms the largest consumer group section for the company.