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

"An estimated weighted average of increase across models stands at around 1.1 percent. This indicative figure is calculated using ex-showroom prices of models in Delhi and will come into effect from January 16, 2023," the company said in a regulatory filing.

In December 2022, the company had said it would hike the 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.

Other auto manufacturers like Hyundai, Tata Motors, Audi and Mercedes-Benz have also announced plans to increase prices across their offerings starting January 2023, to partially offset the impact of rising costs. They had said earlier that costs would increase through 2022 amid a shortage of semiconductors, among other factors.

Maruti Suzuki, which sells a range of vehicles - Alto, Baleno, Celerio, Dzire, Ignis, Swift, WagonR and Grand Vitara - stated that the price increases will be based on the specific model and trims.

Prices are going up as car sales in India revive after disruptions caused by COVID-19 and shortages of components including semiconductors. Companies are expanding vehicle production capacities and Maruti Suzuki is building a new factory in Haryana.

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(Edited by : Abhishek Jha)

First Published:Jan 16, 2023 11:51 AM IST