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Maruti Suzuki to increase prices

24 Mar 2023 , 03:38 PM

Maruti Suzuki announced on Thursday that it will raise prices in April 2023 due to increased cost pressures, which will be passed on through the price increase.

In a filing with the stock exchange, the company stated that it is facing rising costs due to inflation and regulations, and although they are doing their best to cut costs and mitigate the impact, they have no choice but to implement a price increase to cover some of the expenses.

‘The increase is planned by the company to be effective from April 2023, which will vary depending on the model,’ said the company in its media release.

Due to the steady increase in input costs, automobile companies have been raising their prices frequently. Furthermore, India is set to implement Bharat Stage 6 regulations next month, which mandate that automakers equip their vehicles with an emissions checking device, resulting in additional expenses.

On Wednesday, Hero MotoCorp Ltd also announced that it will increase the prices of certain models of motorcycles and scooters by approximately 2% starting from April 1, 2023.

Tata Motors announced on Tuesday that it will raise commercial vehicle prices by up to 5%, the company’s second price increase in four months, to ensure that its vehicles meet new emission standards. The price increase, which will take effect on April 1, will apply to the entire range of commercial vehicles, with the amount varying depending on the model and variant, the company said in an exchange filing.

At around 9.34 AM, Maruti Suzuki was trading marginally lower at Rs8,348.55 on NSE. The counter settled at Rs8,353.20 on Thursday.

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