Maruti Suzuki hikes vehicle prices by INR 20,000

Maruti Suzuki hikes vehicle prices by INR 20,000

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Indian auto giant Maruti Suzuki said on January 15, 2013, that it will once again increase the prices across all its vehicles by up to INR 20,000. The new prices will be applied from January 16, 2013.

According to the company, the vehicle prices have been increased to offset the pressure of adverse currency fluctuation. Mayank Pareek, the chief operating officer of Maruti Suzuki India said, “The price hike across all models will come into effect from tomorrow and will be up to INR 20,000”. The auto company had announced a price hike of around 1-3 percent in the month of December 2012.

Pareek also said that the price hike is essential due to the increasing pressure on the company’s margins after adverse currency fluctuation in the Indian market. Maruti Suzuki sells a variety of models starting from the Maruti 800 to the imported Kizashi, at the price range starting from INR 2.09 lakh to INR 17.52 lakh ex-showroom price Delhi.

During the second quarter of the 2012 financial year, the company posted a 5.41 percent fall in its net profit at INR 227.45 crore, due to unprecedented violence at its Manesar plant, low sales and currency fluctuation. The company has always been affected by the adverse foreign exchange movement which had an impact of INR 350 crore on the company during July-Sept period in the year 2012.