India’s largest passenger car maker, Maruti Suzuki India Ltd will raise its vehicle prices by upto Rs.20,000 ($370) from January 16, 2013 (today). This is the second price hike in four months, it has been necessitated due to increasing pressure on rising raw material costs, inflation, currency fluctuations, etc…
The company sells a variety of models, starting from the Maruti 800 to the imported Suzuki Grand Vitara at a price range starting from Rs. 2.09 lakh to Rs. 24.61 lakh (ex-showroom Delhi). All cars will now be sold in the Indian car bazaar with amplified price tags.
The second quarter of this financial year saw 5.41 percent fall in net profits for the company which stood at Rs.227.45 crores. Violence at the company plant in Manesar, lower sales and currency fluctuations were cited as the cause.
Apart from Maruti Suzuki India, Hyundai, General Motors, other luxury car makers like BMW, Audi had also hiked prices in recent months despite a slowdown in car sales, as rising costs threaten margins.