Maruti Suzuki India declared on Monday that it would increase car prices starting in January 2024, citing cost pressures brought on by high commodity prices and general inflation.
In a regulatory filing, Maruti Suzuki India stated, “The company has planned to increase the prices of its cars in January, 204 on account of increased cost pressure driven by overall inflation and increased commodity prices.”
The statement went on, “The company may have to pass on some increase to the market even though it is making every effort to cut costs and offset the increase. The price increase will differ for each model.
The company did not reveal the precise scope of the impending price adjustment. The company offers a wide range of vehicles priced between ₹3.54 lakh and ₹28.42 lakh (ex-showroom Delhi), including the multi-utility vehicle Invicto and the entry-level small car Alto.
German luxury automaker Audi announced earlier in the day that it will increase the price of its cars in India by up to 2% starting in January of next year, citing increased operating and input costs.
According to a statement from Audi India, the price increase will apply to all model ranges and take effect on January 1, 2024.
In relevant news, Maruti Suzuki India announced that its board had authorized the preferential allotment of more than 1.23 crore shares to its parent company, Suzuki Motor Corporation (SMC), for the purpose of buying out Suzuki Motor Gujarat.
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The auto major stated in a regulatory filing that the board of the company has approved the allotment of 1,23,22,514 shares, each with a face value of ₹5, to SMC at a price of ₹10,420.85 per share.
The value of ₹12,841.1 crore corresponds to the ₹10,420.85 price per share that the Maruti Suzuki board approved, according to the valuation report released by RBSA Valuation Advisors LLP. SMC’s ownership of Maruti Suzuki India (MSI) will rise from its previous 56.48 percent to 58.19 percent following the allotment.
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