Maruti Suzuki, Tata Motors Among Car Makers Mulling To Hike Car Prices From Next Year

The Indian automotive industry has been growing rapidly post the COVID era and has been witnessing increasing demand for conventional cars, two-wheelers and even Electric Vehicles. This surging demand has prompted automobile manufacturers to hike the prices of their popular models. Automakers are also imposing price increases on their models due to rising supply-chain-related input and operational costs. Here are some automobile manufacturers in India that have announced that they will be hiking the prices of specific models from January 2024.

ALSO READ: Ola Electric's Plans To 'End ICE Age' In India Face Strains With Demand Surge Outstripping Supply: Report

Maruti Suzuki Price Hike 

Maruti Suzuki announced on Monday that it will hike the prices of its cars from January 2024. The country’s leading carmaker has informed the stock exchanges that it has decided to increase car prices due to increased input costs. “While the company makes maximum efforts to reduce costs and offset the increase, it may have to pass on some increase to the market,” Maruti said in its regulatory filing. The price increase will vary across models, the company said. However, it did not specify the exact amount of the hike that is on the cards.

Tata Motors Price Hike 

Tata Motors on Monday said it is considering increasing the prices of its passenger and electric vehicles in January 2024. The company, which sells a range of passenger vehicles starting with hatchback Tiago to premium SUV Safari priced between Rs 5.6 lakh and Rs 25.94 lakh, however, did not specify the quantum of the proposed hike. "We are considering a price hike across our passenger and electric vehicles in January 2024. The extent of the hike and exact details will be announced in a few weeks," a Tata Motors spokesperson said.

ALSO READ: Bajaj Pulsar N160 Single-Channel ABS Variant Discontinued In India; Here's Why

Audi Price Hike 

German luxury car maker Audi on Monday said it will hike the prices of its vehicles in India by up to 2 per cent from January next year citing rising input and operational costs. The price hike will be effective from January 1, 2024, and will be across the model range. "Due to rising supply-chain-related input and operational costs, we have effected a price correction across our model range, maintaining the brand's premium price positioning," Audi India Head Balbir Singh Dhillon said in a statement. He further said, "The price correction aims to ensure sustainable growth for Audi India and our dealer partners, and we will ensure that the price hike's impact is as minimal as possible for customers.

(With Agencies Inputs)