Maruti Suzuki Hikes Price Of Selected Models, Others May Follow Suit
Raw material prices are hardening with the full impact of cumulative increases set to be felt in Q3 and Q4 of this financial year
Topics
Maruti Suzuki | Auto sales | Auto sector
Firms also do not have much room left to absorb the hike in input cost because of losses incurred in the first two quarters of the last financial year.
Maruti Suzuki on Friday said it is increasing the prices of select models owing to a rise in various input costs.
“The weighted average increase in ex-showroom prices (Delhi) across models is 1.6 per cent,” it said in a regulatory filing. The new prices are effective from Friday. It is expected that other automakers will follow suit. Automakers in India have been hiking prices this year, citing rise in various input costs. In January, Maruti had cited a rise in input costs and raised prices for some car models. The price hike will vary across models. Maruti’s fleet starts from the entry-level Alto and goes up to the premium multi-purpose vehicle XL6.
Raw material prices are hardening with the full impact of cumulative increases set to be felt in Q3 and Q4 of this financial year. Steel, aluminium, copper and rubber — key inputs for the auto industry — are headed northwards. Steel is up 30 per cent in 6 months, aluminium up 40 per cent and copper up 77 per cent since last year.
Firms also do not have much room left to absorb the hike in input cost because of losses incurred in the first two quarters of the last financial year.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
First Published: Fri, April 16 2021. 22:41 IST
HSBC Swings The Axe At UK Wealth In An AI Push
HSBC is preparing deep job cuts across its UK wealth management arm. It plans to cut about half of its management and sp... Read more
Kraken's Owner Buys A Bank: The Lines Are Blurring
Payward, the parent company of the crypto exchange Kraken, has agreed to buy a European bank. It would be the first digi... Read more
Revoluts Australian Banking Licence Game Changer
Revolut has spent much of its life insisting that it is more than a bank. In Australia, it has now decided that becoming... Read more
The AI Bank Is Coming, But Who Controls The Risk?
Artificial intelligence is no longer something banks discuss as a distant possibility. It is already working behind the ... Read more
ClearBank UK Profit Leads To European Growth
ClearBank has spent much of the past decade building the technology and regulatory infrastructure needed to challenge so... Read more
Bank Of London Continues To Rebuild
ClearBank’s progress shows that modern clearing and banking infrastructure can become a sizeable and profitable busine... Read more