The country’s largest car company Maruti Suzuki has increased the prices of many of its models. Their price has been increased up to 19 thousand 400 rupees. In the stock exchange filing, the company said that this decision has been taken due to increasing manufacturing expenses. Almost half of the cars sold in India in India are Maruti.
The company did not officially state which models had increased prices. However, according to dealers most of the Maruti models have become expensive. The price of Alto has increased by Rs 9,000 and the price of Espresso by Rs 7,000. Maruti’s most popular car Baleno in the mid segment has been expensive by Rs 19,400.
Steel has become Costlier by over 50% in a Year
Prior to this increase, Maruti cars ranged from Rs 2.95 lakh to Rs 11.52 lakh. The entry-level car Alto was the cheapest and multi-purpose vehicle XL6 was the most expensive. Last month, the company said that the prices of the goods used to make cars have gone up in a year, so prices will be increased from January. Steel is the largest component in cart making and has become more than 50% costlier over the year.
Mahindra Hikes Price by 1.9%
Prior to Maruti, Mahindra & Mahindra has also increased the prices of vehicles this month. He has increased the price of his trains by 1.9%. In January 2019, Maruti increased the price of its models by 4.7%.
Maruti Sales were up 20% in December
Last month, Maruti sold 1.60 lakh cars and grew by 20.2%. The company had sold 1.46 lakh vehicles with 17.8% growth within the country. The highest 18.2% growth was in the compact segment. The company’s Swift, Ignis, Baleno and Dzire cars are in this segment.