Maruti Suzuki India Hikes Car Prices By THIS Much; Details Inside

Maruti Suzuki, one of India’s largest automobile manufacturers in India, increased the prices of its car models by 0.45 per cent. This increase is much lower than what they did in January last year, indicating a slowdown in people buying their cars. Towards the end of 2023, Maruti and other similar companies had mentioned that they would raise prices in January because the cost of materials needed to make the cars had gone up.

Japan's Suzuki Motor has faced challenges in selling small cars because its usual customers are not making as much money and the prices of things like cars and everyday items have gone up a lot. Analysts expect passenger vehicle sales to grow around mid-single digits this fiscal and slow down further in the next, following a surge in sales in the last fiscal driven by pent-up demand due to COVID.

The maker of Swift hatchback had increased prices averaging 1.1% across its entire car lineup in January last year, more than double the latest hike. Automakers in India increase prices of their vehicles in January every year after attempting to woo customers with seasonal discounts.

Considering the year-end, coupled with low demand for entry-level vehicles, Maruti increased discounts on its lesser-priced models by 40-45% in December 2023. Still, the sales of its small cars like the Alto and Celerio were down 29% in December, compared to the previous year, partly due to Maruti's moderation of wholesales. Maruti's overall sales from April-December grew 8.5%, slower than last fiscal year's 26% rise.

Maruti Suzuki India’s current line-up includes various models ranging from hatchback, sedans, SUVs to MPVs. In the hatchback segment, Maruti Suzuki offers models including WagonR, Celerio, SPresso, Swift, Alto, Alto K10, Baleno and Ignis. In the sedan segment, it offers two models which are the Dzire and the Ciaz. Similarly, in the SUV segment it offers models such as Brezza, Fronx, Grand Vitara and Jimny. In the MPV segment, models like Ertiga, Invicto and XL6.  

(With Agency Inputs)