Maruti Suzuki announces price hike on cars from January 2022
In a letter submitted to NSE, Maruti Suzuki states that due to the increase in various input costs, the company has to pass on some impact to customers through a price hike.
- Maruti Suzuki announces price hike on models from January 2022
- Maruti blames rising input costs as the reason for the price hike
- India's largest carmaker reported a dip in sales in November 2021
Maruti Suzuki has announced to increase the prices of various models from January 2022. As per Maruti Suzuki, India's largest carmaker, the rise in input costs will be passed on to the customers through a price hike.
In a letter submitted to National Stock Exchange, Maruti Suzuki has mentioned, "Over the past year, the cost of Company's vehicles continue to be adversely impacted due to increase in various input costs. Therefore, it has become imperative for the Company to pass on some impact of the above additional costs to customers through a price hike. The price rise has been planned in January, 2022. The increase shall vary for different models."
The country's largest carmaker Maruti Suzuki India witnessed a 3 per cent drop in production last month. In a regulatory filing, the auto major reported total production of 1,45,560 units in November compared to 1,50,221 units in November 2020. "The shortage of electronic components had a minor impact on the production of vehicles during the month," it noted.
MSI said total passenger vehicle production stood at 1,42,025 units last month, against 1,46,577 units in November 2020. Production of mini cars comprising Alto and S-Presso models stood at 19,810 units last month compared to 24,336 units a year ago.
Similarly, manufacturing of compact cars, comprising WagonR, Celerio, Ignis, Swift, Baleno, and Dzire, declined to 74,283 units from 85,118 units earlier, MSI said. Production of utility vehicles -- Gypsy, Ertiga, S-Cross, Vitara Brezza, and XL6 -- however, increased to 35,590 units last month from 24,719 units in the corresponding month of 2020.
The company reported a drop in the production of its Eeco van at 9,889 units last month compared to 11,212 units in November 2020. MSI said production of its light commercial vehicle Super Carry stood at 3,535 units last month, as against 3,644 units in the year-ago month.
MSI had reported a 26 per cent drop in total production in October on a yearly basis at 1,34,779 units.
With inputs from PTI