The country’s largest passenger vehicle manufacturer, Maruti Suzuki India (MSIL), on Friday said it is increasing prices on select models by 1.6 per cent, due to increase in various input costs.
This is the second increase in prices in recent times by the company due to rise in input costs. In January, the company had increased prices across models by up to ₹34,000 on ex-showroom prices.
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“This is to inform you that the company is increasing the price for select models owing to an increase in various input costs. The weighted average price increase in ex-showroom prices (Delhi) across models is 1.6 per cent,” MSIL said in a filing to the BSE.
The new prices are effective from today (Friday), it added.
Most automobile manufacturers had increased prices from April 1.
Companies like Toyota Kirloskar Motor (TKM) had increased prices to realign them with their models, with effect from April 1. The increase was necessitated to offset the substantial increase in input costs, it had said.
“During such testing times, it has been our endeavour to absorb cost increases through our internal efforts, and only a minimal portion will be reflected onto the prices,” TKM said.
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In the two-wheeler segment, market leader Hero MotoCorp had revised prices (ex-showroom basis) of two-wheelers by up to ₹2,500 from April 1. “The exact quantum of increase will vary on the basis of the model and the specific market,” it had said.
Meanwhile, MSIL has also informed the BSE that the meeting of the Board of Directors of the company is scheduled to be held on April 27, to consider and approve the audited financial results for the year ended March, 31 and to recommend dividend, if any, on the equity shares of the company for the financial year 2020-21.