Auto giants Maruti Suzuki and Hyundai have announced that they will increase prices of their vehicles in the Indian market, starting from January 2014. With the recent announcement, the two companies are joining BMW, Audi and Honda, which also announced a hike in prices.
Mayank Pareek, the COO at Maruti Suzuki India said, “Maruti Suzuki will increase prices from January 2014 as input costs have been going up and we cannot continue to absorb all of it. We will pass on some part of it to the customers”. The company is offering a range of vehicles, from M800 to the Grand Vitara and the vehicles are priced between Rs. 2.13 and Rs. 24.6 (ex-showroom Delhi).
Earlier, Maruti Suzuki announced that it will increase prices of its vehicles by Rs. 10,000 from October 2013. While talking about the reason behind this decision, the company cited the depreciation of Indian rupee. Meanwhile, Hyundai Motors India also said that it will have to take a similar step from January 2014, in order to balance rising input costs.
Rakesh Srivastava, the senior vice president and division head at Hyndai, said, “We will be increasing the prices from January due to the rising input costs and current market conditions”. Even luxury car maker Mercedes announced that it will hike prices of its vehicles by up to 10 percent in the Indian market.
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