M&M, Maruti Suzuki, Tata, Audi, and Mercedes may hike car prices in January

28 Nov 2023 , 11:45 AM

Indian automakers such as Maruti, Tata Motors, Mahindra, Audi, and Mercedes-Benz have declared that retail prices will rise beginning in January of next year. The corporations stated that they intend to raise their pricing owing to rising input costs. Other automakers are expected to follow suit.

According to experts, the price increases will be within 2-3%, with even bigger increases for some of the best-selling models. The magnitude of the price increases will vary by automobile type, ranging from a few thousand rupees to much more for premium vehicles.

Maruti noted that while the business has tried to absorb the increased input costs, it is now forced to pass on part of the rise to the market owing to rising inflationary pressures. According to a Maruti spokesperson, the price increase will be ‘substantial’ in some models.

Maruti last raised vehicle pricing by 0.8% in April of this year. Last fiscal year, it implemented a total price rise of 2.4%.

Audi, the German luxury automobile manufacturer, has announced a 2% price rise throughout its model lineup. Tata Motors has also indicated that prices, including those for electric vehicles, will rise.

According to Mahindra & Mahindra CEO (Automotive Division) Nalinikanth Gollagunta, the company intends to take a price increase for its automotive products effective January 2024 based on the inflation and commodity price outlook.

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