There were reports that vehicle manufacturer Maruti Suzuki may increase the prices of all its passenger car models in India. However, Maruti Suzuki has now officially announced the increase in prices. The prices of each car model will see a 0.45% increase, effective from tomorrow.

This price hike is attributed to inflation and the rising cost of purchasing raw materials. Maruti Suzuki had hinted at a price increase in November last year. Other car manufacturers such as Tata Motors, Honda, Mahindra, Hyundai, SKODA, and Audi have also raised the prices of their vehicles.

Tata Motors, in particular, has increased the prices of three popular commercial vehicles – Ace, Intra, and Winger – since January. Experts in the automobile industry predict that these price hikes by multiple companies may lead to a decline in the sales of passenger vehicles this year.

The sales of small hatchbacks, in particular, have already seen a decline. In December 2023, Maruti Suzuki’s sales decreased by 1.28% compared to the previous year. The concern is that the sales of small hatchbacks like Alto and Celerio have experienced a 29% decline compared to December 2022.

This news of price hikes in the automobile industry may have an impact on consumers’ purchasing decisions. With the increase in prices across various car models, buyers may be deterred from making new car purchases or opt for lower-priced alternatives. The rising cost of raw materials and production expenses has been cited as the reason behind these price hikes. As a result, it is expected that the sales of passenger vehicles may be slow throughout the current financial year and potentially at the end of the year as well.

    • Maruti Suzuki has announced a 0.45% increase in the prices of its passenger car models, citing inflation and rising raw material costs.

 

    • Tata Motors has also raised the prices of three popular commercial vehicles – Ace, Intra, and Winger.

 

    • The price hikes by multiple companies may lead to a decline in the sales of passenger vehicles this year.

 

    • In December 2023, Maruti Suzuki witnessed a 1.28% decrease in sales compared to the previous year. Small hatchbacks such as Alto and Celerio experienced a 29% decline in sales.

 

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