Maruti Suzuki Hikes Car Prices By Around 1.1 Per Cent Across Models

This is the second price hike that the carmaker is undertaking in the ongoing fiscal year, after increasing it in April 2022

India’s largest automaker, Maruti Suzuki India, on Monday said it has hiked prices of its vehicles across models by about 1.1 per cent. This is the second price hike that the carmaker is undertaking in the ongoing fiscal year, after increasing it in April 2022.

In December last year, the company had said it would hike prices of its vehicles to offset the impact of rising input costs and make provisions to update the model range to conform to stricter emission norms which will kick in from April 2023.

"An estimated weighted average of increase across models stands at around 1.1 per cent. This indicative figure is calculated using ex-showroom prices of models in Delhi and will come into effect from January 16, 2023," Maruti Suzuki India said in a regulatory filing. The company sells a range of vehicles starting from entry-level small car Alto to SUV Grand Vitara which are priced between Rs 3.39 lakh and Rs 19.49 lakh (ex-showroom Delhi). 

Meanwhile, Maruti Suzuki reported a 28 per cent rise in exports at 2,63,068 units in 2022, its highest-ever overseas shipments. In January first week, the company in a press release said that the automaker's previous highest exports were achieved in 2021 with 2,05,450 units.

The highest exported models in 2022 were the Dzire, Swift, S-Presso, Baleno, and Brezza, the company said. Cars from Maruti Suzuki witness high popularity among customers in regions such as Africa, Middle East, Latin America, ASEAN, and neighbouring regions. At present, the company exports 16 models.

Hisashi Takeuchi, managing director and CEO, Maruti Suzuki (MSIL), said, "Crossing the 2 lakh milestone in exports for the second consecutive year signifies the trust, quality, reliability, performance, and affordability of our products. This achievement further aligns with our strong commitment to the Government of India’s ‘Make in India’ initiative to manufacture products to delight global customers."

"We are thankful for the support from our parent company Suzuki Motor Corporation to enable us to leverage a wider distribution network across the globe. Further, adding more models to our portfolio helped sustain excitement in the export markets,” he added.

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