Maruti Suzuki and Hyundai to raise product prices from January

The beginning of 2014 is probably not the best time you would want to buy a car in India. The auto market in the country has been quite sluggish this year, causing manufacturers to think of ways to secure growth for their firms. Now after BMW, Audi, Mercedes-Benz and Honda it’s time for Maruti Suzuki and Hyundai to raise their product prices.

"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," Maruti Suzuki India (MSI) COO (Marketing and Sales) Mayank Pareek said.

The company had earlier announced that it would increase prices of the entire range of models, from the M800 to the Grand Vitara by up to Rs 10,000 from October first week, mainly due to depreciation of the rupee.

Hyundai Motor India also said it is looking to take a similar step from next month to offset rising input costs.  We will be increasing the prices from January due to the rising input costs and current market conditions," HMIL Senior Vice President and Division head (Marketing & Sales) Rakesh Srivastava said. Here too, the price hike will be across the entire product portfolio, he added.

Source: Financial Times