Mumbai
According to a regulatory filing, Maruti Suzuki India Limited (MSIL) has experienced a price hike of 1.9% on its entire product line which includes Swift, Baleno, Ciaz, S-Cross, Alto 800, and S-Presso.
This increase in the prices of cars is due to the hike in input costs. The hike ranges from Rs. 7,500-22,500, depending on the model. At the beginning of this year, the company increased the prices of certain models up to Rs 34,000, and then there was another price hike in April. Later in July, the prices of the Swift hatchback and the entire line-up of CNG cars increased by Rs 15,000.
The company has blamed increasing prices of raw materials like precious metals and steel for the hike in car prices. According to Sunjay Kapur, President, the Automotive Component Manufacturers Association of India (ACMA), the areas of concern for the industry are the chip shortage, logistical uncertainty, astronomical shipping, and an increase in the price of raw materials. Maruti is also going to launch two new cars that include Baleno SUV and Celerio hatchback.
Source – NewsBytes
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