India's largest car manufacturer Maruti Suzuki has increased the prices of selected variants of its popular models, Swift and Grand Vitara. Swift prices have been increased by up to Rs 25,000, while the Grand Vitara Sigma variant will be costlier by Rs 19,000.
It is not yet clear why the company chose to increase the prices of these two models. Earlier, the company had increased the prices of all its models by 0.45% in January 2024. The company attributed this to inflationary pressure and increased input costs.
Industry experts believe that there could be many reasons for the increase in prices. This includes rising costs of raw materials, disruption in global supply chains and overall economic slowdown. The Indian automobile industry has been struggling with these issues for some time.
After the news of increasing prices, Maruti Suzuki shares closed at Rs 12,675 with a fall of 1.65%. The company's market is Rs 3.99 lakh crore. The company has given a return of 46.37% to its investors in one year. It has given returns of 22% in the last 6 months and 11% in the last 1 month.
Earlier, Maruti Suzuki had said that it has achieved a total sales figure of 187,196 units in March, including both domestic and international markets.
Whereas compared to March 2023, domestic sales reached 156,330 units with a growth of 14%. Besides, the company sold 4,974 units to other original equipment manufacturers (OEMs) and exported 25,892 units.
Maruti Suzuki achieved its highest ever total sales in the financial year (FY) 2023-24, which reached 2,135,323 units. This includes domestic sales of 1,793,644 units and total exports of 283,067 units.
