New Delhi: Maruti Suzuki India and Mahindra & Mahindra Friday announced plans to hike vehicle prices from January in order to offset the impact of rising input costs and operational expenses.
Maruti Suzuki, the country’s largest carmaker, will hike prices of its model range by up to 4 per cent from January. Mahindra & Mahindra is increasing prices of its SUV models and commercial vehicles by up to 3 per cent.
Maruti Suzuki India said in a regulatory filing said that in light of rising input costs and operational expenses, the company has planned to increase the prices of its cars from January 2025.
The price increase is expected to be up to 4 per cent and will vary depending on the model, it added.
“While the company continuously strives to optimise costs and minimise the impact on its customers, some portion of the increased cost may need to be passed on to the market,” it stated.
Maruti Suzuki sells a range of models, ranging from Alto hatchback to Invicto multi-utility vehicles, in the domestic market.
Mahindra & Mahindra said it will hike prices of its SUVs and commercial vehicles by up to 3 per cent from January next year.
The adjustment is in response to the rising costs due to inflation and increased commodity prices, Mahindra & Mahindra (M&M) said in a statement.
The automaker has made efforts to absorb as much of these additional costs as possible however, a portion of this increase will need to be passed on to customers, it added.
The extent of the price increase across different SUVs and commercial vehicles will be upto 3 per cent, the auto major stated.
Similarly, JSW MG Motor India said it will also increase prices of its entire model range by up to 3 per cent from next month.
The price increase is a result of continuously rising input costs and other external factors, the automaker said in a statement.
“Our dedication to quality, innovation and sustainability remains a priority and drives us to improve our offerings continuously. In doing so, minor price adjustments are inevitable to offset the rising input costs,” JSW MG Motor India Chief Commercial Officer Satinder Singh Bajwa said.
While the company tries to minimise impact on customers, a marginal price increase shields it from inflationary challenges, he added.
On December 5, Hyundai Motor India announced to increase prices of its vehicles across the model range by up to Rs 25,000 from January 1, 2025.
The price increase has been necessitated owing to an increase in input costs, adverse exchange rate and increase in logistics costs, it has stated.
Various luxury automakers Mercedes-Benz, BMW and Audi have also announced to hike vehicle prices from next month.
PTI
