The country's largest carmaker Maruti Suzuki India (MSI) on Wednesday said it will increase prices of its entire model range this month amid the rise in input costs.
Over the past year, the cost of the company's vehicles continued to be adversely impacted due to increase in various input costs, the auto major said in a regulatory filing.
"Therefore, it has become imperative for the company to pass on some impact of the above additional costs to customers through a price hike," it added.
The company has planned to increase the prices in April and the hike will vary for different models.
However, the company did not disclose the quantum of the proposed price hike.
MSI has already hiked vehicle prices by around 8.8 per cent from January 2021 to March 2022 owing to constant increase in input costs.
The company sells a range of models starting from Alto to S-Cross in the domestic market, priced between Rs 3.25 lakh and Rs 12.77 lakh (ex-showroom Delhi).
The auto companies have been increasing prices with the rising cost of commodities like steel and aluminum and precious metals like palladium.
The industry has also been citing the increase in freight and transportation charges as well as the cost of electronic components as factors for increasing vehicle prices.
Already, various automakers have announced hiking prices of their respective products from this month.
Toyota Kirloskar Motor has raised prices of its entire model range by up to 4 per cent from April 1 to offset the impact of rising input costs.
Similarly, BMW India has hiked product prices by up to 3.5 per cent from this month. Other luxury carmakers like Audi and Mercedes-Benz have also increased prices from April 1.
