Srinagar, Dec 20: Maruti Suzuki India, an automaker, announced on Friday that it intends to raise prices on all of its models starting in January 2023. It cited cost challenges brought on by inflation and regulatory obligations.
While the company makes every effort to minimise costs and partially offset the increase, it has become necessary to pass on some of the burden through a price hike, the automaker stated in an exchange filing. The price hike, which will vary between models, is scheduled to take effect in January 2023 per the firm.
The automaker reported a 14 per cent on-year rise in its total sales in November 2022. Maruti Suzuki sold 1,59,044 units in November this year versus 1,39,184 in the same period last year. The figure comprises domestic sales (1,35,055 units), sales to other OEMs (4,251 units), and exports (19,738 units).
While sales were on the rise, the production of domestic models was impacted due to the electric components shortage. The automaker said, “The shortage of electronic components had a minor impact on the production of vehicles, mainly in domestic models. The company took all possible measures to minimise the impact.”
The company’s domestic sales went up 18 per cent to 1,39,306 units versus 1,17,791 units in November last year. Sales of mini cars (Alto, S-Presso) went up to 18,251 units from 17,473 units in the same month last year.
Sales in the compact segment (Swift, Celerio, Ignis, Baleno and Dzire) rose to 72,844 units from 57,019 units in November last year. While sales of the mid-sized sedan Ciaz stood at 1,554 units, sales in the utility vehicle segment (Vitara Brezza, S-Cross, Ertiga) rose to 32,563 units in November this year.