Maruti Suzuki will be increasing prices of its entire model range from January 2021. The price hike will vary across the models, however, the exact amount is yet to be announced by the company.
The company stated that the price hike is being made to offset the rising input costs. The company over the course of the year has been adversely affected by various input costs, to the point where the company has now decided to pass on some of the impact to the customers by increasing the prices of its models.
Maruti Suzuki offers a wide range of products in the Indian market, with its presence in almost every segment. Price for Maruti Suzuki products range from Rs 2.95 lakh for the Alto and goes up all the way to the premium six-seater MPV, the XL6 which is priced at Rs 11.52 lakh. All prices are ex-showroom (Delhi).
The company has been witnessing a growing demand for vehicles during the second half of the year, especially in the past couple of months. With the first-half of 2020 being heavily disrupted due to the lockdown, Maruti Suzuki has done well to recover quickly in terms of sales.
The recently concluded festive period and the pent-up demand have been the key factors, which have helped Maruti Suzuki to recover from its losses quickly.
However, domestic passenger vehicle sales during the previous month registered 135,775 units, which is a decline of 2.4 per cent from November 2019.
In terms of the price hike, we expect Maruti Suzuki to announce the exact model-wise increase sometime by the end of December 2020.