Do you intend to purchase a new automobile in January? If you answered yes, I have some ‘not-so-great’ news for you. Maruti Suzuki India, Hyundai Motor India, Tata Motors, Mahindra & Mahindra, Honda Cars India, and MG Motor India will raise their model pricing beginning next month.
According to the corporations, the decision to raise automobile pricing was made in response to growing cost pressures caused by general inflation and rising commodity costs.
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However, no automaker has stated the magnitude of price increases on each model it provides. The price increase is likely to differ between models.
Car manufacturers now raise the pricing of their automobiles twice a year.
For comparison, the average selling price of Maruti Suzuki automobiles increased 16.7% to Rs 6,43,688 in Q2 FY24 from Rs 5,51,677 in Q2 FY23.
Maruti stated in an official announcement that the company intends to raise the cost of its vehicles in January 2024. “While the company conducts maximum efforts to reduce cost and offset the rise in costs, it may have to pass on some increase to the market,” according to the statement.
Hyundai, which will debut the new Creta in India on January 16, will raise car pricing beginning January 1 due to growing input costs, adverse currency rates, and a rise in commodity prices, among other factors.
“At Hyundai Motor India, we constantly try to absorb the cost escalation to the extent possible and ensure continuous customer delight,” said Tarun Garg, the company’s COO. However, it is now necessary to pass on part of the growing input costs to the market via a slight price rise.”
Mahindra will also raise the cost of its SUVs and commercial vehicles (CVs) beginning in January.
“Mahindra has made every effort to absorb as much of the extra costs as possible.” A part of this increase, however, will be passed on to customers. The amount of the price increase will vary depending on the SUV or CV,” the business noted in an official statement.
