New Fiscal Year 2023-24: These Automakers to Increase Prices of Vehicles From April

Planning on adding new wheels to your garage? Well, now is the best time as several automobile companies are gearing up to increase the prices of their vehicles. From TATA Motors and Honda Cars India to Maruti Suzuki and Hero MotoCorp, the companies recently made announcements about their rate hike, which will be in effect from April 1, the first day of the new fiscal year (FY23-24). The core reason why the companies have taken this decision is to transition their vehicle portfolio so that they can comply with phase-2 of BS6 of carbon emission norms.

Check out the details given below prior to making your decision.

TATA Motors

Tata declared a 5% rate hike for all of its commercial vehicles. The company stated that the decision to raise prices was made in order to adhere to stricter BS6 phase-2 emission standards. Additionally, the price increase would apply to all commercial cars, depending on the model and variant.

Honda Cars India

According to the announcement by Honda Cars India, the company has increased the price of its entry-level compact sedan, the Amaze, by up to ₹12,000. The price increase for the Amaze will vary based on the various trims of the model. The decision to increase prices has been made as a result of rising production costs brought on by upcoming, more stringent emission standards, which are scheduled to go into force next month.

Maruti Suzuki

Maruti Suzuki has also announced an increase in price across its vehicles. The auto manufacturer has cited inflation and legal requirements as the causes of the price increase. There is no disclosure about the scale of the rate hike by Maruti Suzuki, but it has been stated that it will differ depending on the model.

Hero MotoCorp

The automaker, Hero MotoCorp, recently announced that it will raise the costs of select motorcycles and scooters line by about 2%. The company took this decision as a result of cost increases due to the On-Board Diagnostics 2 transition.