India's largest passenger car manufacturer Maruti Suzuki India Ltd. on Monday, November 27, said it will hike prices of its vehicles with effect from January 2024. The company has attributed the price hike to an increased cost pressure driven by overall inflation and increased commodity prices.

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Maruti Suzuki is yet to confirm the scale of the price increase but has informed that it will vary across its model.

"The company has planned to increase the prices of its cars in January, 2024 on account of increased cost pressure driven by overall inflation and increased commodity prices. While the company makes maximum efforts to reduce cost and offset the increase, it may have to pass on some increase to the market," it said.

The car manufacturer had last hiked the prices of its cars by 0.8% across the model range from April 1, 2023.

Earlier, German luxury car maker Audi said it will hike prices of its vehicles in India by up to 2% from January 2024, citing rising input and operational costs. The price hike will be effective from January 1, 2024 and will be across the model range, Audi India said.

“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.”

Shares of Maruti Suzuki settled 0.072% lower at ₹10,481 apiece on Friday. The scrip has gained 25% since the beginning of this year.

First Published:Nov 27, 2023 1:45 PM IST