India’s biggest carmaker to raise car prices
MUMBAI, Dec. 2 (Xinhua) — India’s largest car manufacturer Maruti Suzuki planned to raise prices across its various models to overcome rising input costs effective from January 2022, said the company in its filing with the Bombay Stock Exchange on Thursday.
“Over the past year, the cost of company’s vehicles continues 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,” said the company.
In September, the Indian subsidiary of Japan’s auto major Suzuki had raised prices for the fourth time in the current calendar year, cumulatively raising prices by 1,425 U.S. dollars due to rising input costs.
In January, April, July and September this year, the company raised prices for different car models citing rising input costs by up to 458 U.S. dollars, 463 U.S. dollars, 204 U.S. dollars and 300 U.S. dollars, respectively for some select models. The unprecedented steep rise in key commodity prices like steel, aluminum and other precious metals has forced Indian automobile manufacturers to raise prices to maintain their profit margins, according to industry experts.
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