Price revisions towards the end of the year has almost become a norm in the automotive industry. Almost every manufacturer marginally increases the price of their vehicles at this time of the year or within the first two months of the coming year. Earlier this year, we saw carmakers like Hyundai and Ford increase the price of vehicles across the range. Even luxury carmakers like BMW and Audi marginally increased their prices in October and November earlier this year.
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Maruti Suzuki, in a regulatory filing at the Bombay Stock Exchange (BSE), said,"Over the past year, the cost of company's vehicles has been impacted adversely due to increase in various input costs. Hence, it has become imperative for the company to pass on some impact of the above additional cost to customers through a price increase in January 2021,"Maruti says that the primary reason for this price hike is rising input costs, production thus becoming more expensive. Although manufacturing had been severely affected earlier this year due to the lockdown, Maruti Suzuki say that they are now operating at full capacity. In November, Maruti Suzuki's total production increased by 5.91% to 1,50,221 units. The company had produced a total of 1,41,834 units in the same month last year.
