Team Blitz India
NEW DELHI: Automakers Maruti Suzuki, Mahindra & Mahindra, and Audi India have announced a price hike of their passenger vehicles next year citing cost pressure driven by overall inflation and increased commodity rates. Besides, Tata Motors and Mercedes-Benz India are also mulling increasing the prices of their models from January 2024.
“Steel prices have firmed up a little over the last 3-4 months, which accounts for around 38% of our commodity buying. We have been estimating the impact of the volatility of commodity prices on our costs, and trying to cut costs internally and then take price hikes as a last resort,” Shashank Srivastava, senior executive director, of Maruti Suzuki said in an interview with Mint.
Mahindra and Mahindra CEO (Automotive Division) Nalinikanth Gollagunta also said, “We intend to take a price increase for our automotive products effective January 2024.”
The M&M CEO added that the details will be announced closer to the time.
Meanwhile, Tata Motors said it is also considering increasing the prices of its passenger and electric vehicles in January 2024.
