Maruti Suzuki will increase vehicle prices because of high input costs. In a regulatory document, the company said that, due to increases in different input costs, the company’s vehicle costs were adversely affected over the past year.
“The company therefore has become imperative to pass on some impact on customers through a price increase from the above additional cost,” it said.
The company further added that the price increase is expected to vary for different models in the second quarter of this tax.
In the middle of the pandemic, various car manufacturers raised their prices with increased input costs. The decline in sales in the context of the pandemic also affected the industry.
The situation will easily be reduced in various states, however, and automakers will probably revert to normalisation. Rs. 6,894,05 crore, lower by Rs, 64.65 or 0.93 per cent from its previous close, were the company’s share in BSE at roughly 1.36 p.m.
Maruti Suzuki Inde Limited is a subsidiary of the Japanese car manufacturer Suzuki, formerly known as Maruti Udyog Limited. From 1981 to 2003, it was established and owned by the government of India.
In 2003, it was sold by the government of India to the Suzuki Motor Corporation. It had a market share in the Indian passenger car market of 53 percent as of July 2018.
In October 1982, the government of India founded Maruti Udyog Limited with the small partner of Suzuki Motor Corporation on 24 February 1981 and was only formally appointed to become Suzuki’s JV partner and licensee.
In Gurugram, Haryana, the first manufacturing plant in Maruti was founded the same year.