Maruti Suzuki India (MSI), the country’s largest carmaker, announced on Monday that it has increased prices across the board, save for the Celerio, by up to 1.9 percent with immediate effect.
The company stated in a regulatory filing that it has decided to raise pricing due to an increase in various input costs.
It went on to say that the weighted average price increase in ex-showroom prices (New Delhi) across select models is 1.9 percent.
MSI has raised its prices three times this year.
The automaker boosted prices twice this year, in January and April, for a total increase of roughly 3.5 percent.
Currently, the firm sells a variety of vehicles, ranging from the entry-level hatchback Alto to the S-CROSS, with prices ranging from Rs 2.99 lakh to Rs 12.39 lakh (ex-showroom prices Delhi).
Last month, the automaker announced that a price increase was necessary to maintain its profitability amid a sharp spike in material prices.
Shashank Srivastava, MSI Senior Executive Director (Sales and Marketing), stated that the company has no choice but to raise prices to counter the impact of increasing commodity costs.
Steel costs have risen from Rs 38 per kg last year to Rs 65 per kg in May-June this year, according to him.
Copper prices have also doubled in price, from $5,200 per tonne to $10,000 per tonne.
The move to stronger emission rules has increased overall demand for precious metals in numerous worldwide markets, including India.
According to Srivastava, the price of precious metals such as rhodium has risen from Rs 18,000 per gram in May 2020 to around Rs 64,300 per gramme in July.
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