Maruti Suzuki India (MSIL) on Thursday announced that the company will increase the prices of its products effective April 01, 2023, owing to the overall inflation and regulatory requirements.
However, the company has not disclosed the quantum of price increase.
“The company continues to witness increased cost pressure driven by overall inflation and regulatory requirements. While the company makes maximum effort to reduce cost and partially offset the increase, it has become imperative to pass on some of the impact through a price increase,” MSIL said in a filing to stock exchange.
“The company has planned this price increase in April, which shall vary across models,” it added.
With the new norms coming in from next month including BS6 phase-II and real driving emission (RDE), other manufacturers are also expected to follow the suit. On Wednesday, Hero MotoCorp announced price hikes, while Tata Motors on Tuesday increased prices of its commercial vehicles.
Other automobile companies have also been raising prices in the recent past. For instance, in the two-wheeler segment, Hero MotoCorp has announced the price hikes on Wednesday and Tata Motors in the commercial vehicle segment.
Hero MotoCorp said it would make an upward revision in the ex-showroom prices of its select motorcycles and scooters, by around two per cent, effective April 1. The price revision had been necessitated mainly due to cost increases on account of on-board diagnostics (OBD 2) transition, it had said.
Likewise, Honda Cars India had also said that it will increase the prices of its products to offset the impact of increase in production cost owing to upcoming stricter emission norms from next month.
Similarly, Tata Motors had announced that it will be increasing the prices of its products by up to five per cent from April 01, to comply with the more stringent BS6 phase II emission norms.