India’s popular and biggest car maker Maruti Suzuki is all set to increase prices of its vehicles starting from January 2020. Increase in prices will vary from model to model. The company cited its increased input cost as the reason behind the hike in vehicular prices.
“Over the past year, the cost of the company’s vehicles has been impacted adversely 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 increase across various models in January 2020,” it said in a regulatory filing.
Currently, the company sells a variety of vehicles with starting cost from entry-level cars like Alto to premium multi-purpose vehicle like XL6.
Even after achieving a sales mark of 20 million passenger vehicles in India, the company reported a 1.9 per cent fall in its November sales with only 1,50,630 units. Domestic sales slipped by 1.6% at 1,43,686 units last month against 1,46,018 units in the same month in 2018.
Due to the ongoing slowdown in the manufacturing sector, the company reported a 39% fall in profit for the July-September quarter.
(With input from agencies)