Citing increase in input costs, passenger vehicle market leader is all set to hike prices for the third time in 2021.
Passenger vehicle market leader Maruti Suzuki India is set to increase vehicle prices, making it the third instance of the company hiking prices this year. The company has cited increase in input costs as the reason for the latest price increase, as it did for the two previous hikes.
In January 2021, Maruti Suzuki had raised prices by up to Rs 34,000, depending upon the model. he revised prices were an increase of 1 percent and 6 percent over the earlier prevailing ex-showroom prices in Delhi, and ranged between Rs 5,000 to a maximum increase of Rs 34,000 depending upon the vehicle model. This was followed by another hike in April,
In its latest regulatory filing, Maruti Suzuki India says, “Over the past year, the cost of the company's vehicles continues to be adversely impacted due to increase in various input costs. Hence, it has become imperative for the company to pass on some impact of the above additional cost to customers through a price rise. The price rise has been planned in Quarter 2 and the increase shall vary for different models.”
Meanwhile, on the April-May 2021 period, the carmaker has sold a total of 168,782 units in the domestic market, which gives it a PV market share of 48.27 percent. Four hatchbacks – Swift (25,321 units), Baleno (21,187), Wagon R (20,742) and Alto (20,523) are leading the sales numbers for the carmaker.
Meanwhile, Maruti Suzuki is also leading the made-in-India vehicle export chart with total shipments of 28,278 units in the first two months of the ongoing fiscal year. The Baleno with 7,037 units is its most-exported model in the first two months of FY2022, followed by the Dzire (4,499) and the S-Presso (4,241).
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