Maruti Suzuki India, the country's largest carmaker by volume, has announced that it will be increasing vehicle prices in April 2022. According to a regulatory filing on the Bombay Stock Exchange (BSE), the carmaker has planned this price rise sometime later this month. Maruti has not revealed the quantum of increase in prices, however, the company has said that the hike shall vary for different models. The Indo-Japanese carmaker has said that the increase in various input costs is the reason why it is increasing vehicle prices.
In a statement released by the company, Maruti Suzuki India said, "Over the past year, the cost of Company's vehicles continue to be adversely impacted due to increase in various input costs. Therefore, it has become imperative for the Company to pass on some impact of the above additional costs to customers through a price hike."
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This is the second price hike announced by Maruti Suzuki India in 2022, the earlier one was in January
This is the second price hike announced by the company in 2022. Earlier in January, Maruti Suzuki increased car prices in India by 1.7 per cent across its model line-up. Back then too the company had cited rising input costs as the primary reason for the imminent price hike.
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Maruti Suzuki is currently facing a shortage of electronic components that continue to affect vehicle production. The company's cumulative sales for the entire Financial Year 2021-22 stood at 16,52,653 units, a healthy 13.4 per cent growth over FY 2020-21, during which the company sold 14,57,861 vehicles. In March 2022, Maruti Suzuki's total sales stood at 170,395 units, a growth of over 2 per cent compared to 167,014 vehicles sold during the same month in 2021.
