Official: Maruti Suzuki To Increase Prices From Jan 1 | V3Cars
Through a NSE stock exchange filing, Maruti Suzuki issued a notification about increasing prices of their cars starting January 1, 2024. The reasons for the price hike quoted in the notification are the usual suspects: inflation and rising input costs.
The statement reads:
“The Company has planned to increase the prices of its cars in January, 2024 on account of increased cost pressure driven by overall inflation and increased commodity prices. While the Company makes maximum efforts to reduce cost and offset the increase, it may have to pass on some increase to the market.
This price increase shall vary across models.”
You can access the official notification at the following link:
Previously, Maruti Suzuki issued a notification back in March 2023 about a price hike on April 1, 2023. In the older notification, Maruti Suzuki explicitly stated that all of their cars will get the price hike. This time, however, they haven’t mentioned if all models will get a price increase. That leaves us with a glimmer of hope that some may not get a price hike at all. It’s clearly conveyed in the notification that the price hike will vary across models. We spoke with Maruti Suzuki’s top officials on December 1, 2023 and didn’t get a clear understanding about the magnitude of the price hike we should expect in January 2024.
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According to our sources, even if all cars get a price increase, the hike will be much smaller in percentage terms compared to last year. This is because the Maruti Suzuki cars have already witnessed big price increases in recent years. Among cars, which we believe may get a nominal price hike (up to 1%) are:
- Fronx (already quite expensive for what it offers; although demand is strong and Maruti aren’t supply constrained either)
- Jimny (Discounts on manual transmission already pushing price gap between manual and automatic to new highs)
- Alto K10
- Ignis (near end of life and received multiple big price hikes early in 2023 of up to 9%; read: Opinion: Big Price Hikes For Ignis Suggests Price Shock May Come With Fronx)
- Swift (major price update only after new-gen launch)
- Ciaz (end of life with stiff competition)
- Higher variants of Grand Vitara (Stiff competition from Seltos and Creta facelift; lower variants offer better value and can much easily justify a higher price hike than higher trims)
- Brezza (high demand with room for discounts but stiff competition from Sonet facelift and new-gen Nexon)
Invicto, Dzire, Baleno and Ertiga may get a higher price jump of more than 1%. While the Invicto has a less price sensitive buyer base, the Dzire, Baleno and Ertiga have high demand and less competition; thus a bigger room for price hike.
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