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Mumbai(PTI): Country’s largest carmaker Maruti Suzuki India will hike prices of its vehicles across models by up to Rs 20,000 from January to offset impact of rising costs and the weakened rupee against the dollar. It has joined rivals which had made such a move.
“The price increase has been necessitated on account of increase in costs due to weakening of rupee against dollar, rise in administrative and other costs,” a Maruti Suzuki India (MSI) spokesperson said.
Currently, MSI sells a range of vehicles which start from the entry level small car Alto 800 to the S-Cross with a price range between Rs 2.53 lakh and Rs 13.74 lakh (all prices ex-showroom Delhi).
Also read: Toyota to hike vehicle prices by up to 3% from January
On Wednesday, rival Hyundai Motor India had also announced that it would hike prices of its products by up to Rs 30,000 from next month to offset rising input costs and unfavourable foreign exchange fluctuation.
Also read: After Toyota, Hyundai to hike vehicle prices by up to Rs 30,000 from January
The company sells nine car models – Eon, i10, Grand i10, Elite i20, Active i20, Xcent, Verna, Elantra and Santa Fe — across segments priced between Rs 3.10 lakh and Rs 30.41 lakh (ex-showroom Delhi).
Already various car makers including Toyota and German luxury car makers Mercedes Benz and BMW have announced a hike in prices of their vehicles across models from January to offset rising input costs.
Also read: Mercedes to hike vehicle prices by up to 2% from January
Experts believe carmakers usually come up with such announcements around this time of the year which help them clear inventories left after the heavy festival discounts on vehicles.