Maruti Suzuki, the country's largest car maker, will introduce a price hike from the first week of October. Economic Times reports that the prices will be increased from INR 3,000-10,000, depending on the model and type of fuel the vehicle uses. The weak rupee is the major reason for this price hike.
Maruti Suzuki's Chief Operating Officer (Marketing and Sales) Mayank Pareek blames the price hike on increasing input costs and the weakening rupee. He says the health of the auto market wasn't conducive for a hike, but it is now inevitable.
In January this year, Maruti had hiked prices across its lineup by up to INR 20,000. In the month of September alone, we have seen Hyundai announce a price hike by INR 4,000 to INR 20,000 across its model range (excluding the recently launched Grand i10). In its official statement, Hyundai had also blamed the price hike on the weak rupee.
Joining Hyundai and Maruti are GM India, Toyota Kirloskar Motor and even Tata Motors. While Tata has not officially announced a price hike, a company spokesperson said that prices would go up by 1-1.5%.
And you thought the festival season was the right time to buy a car?