India's leading car maker Maruti Suzuki has now announced to hike the prices of its entire range by up to Rs. 10,000 from October first week, due to declining rupee value. The price hike will vary model to model and the new prices will come into effect from the first week of October.
Commenting on the same, Maruti Suzuki India's COO- Marketing & Sales Mayank Pareek said to PTI, "We have been wanting to raise the price for some time as our input costs went up severely, mainly on account of weakening of rupee. However, the market was not conducive. Now it has become inevitable."
"The amount of price hike will vary between Rs 3,000 and Rs 10,000. It will be applicable to all our models," Pareek said. Last time MSI hiked the prices of its cars in January this year by up to Rs 20,000 to counter balance the currency fluctuation.
Not just Maruti Suzuki, Hyundai and General Motors too decided to increase their vehicle prices by up to Rs. 20,000 so to balance the impact of rupee depreciation and rising input costs. Toyota Kirloskar Motor too had hiked the prices of its top-selling models by up to Rs 24,000 recently for the same reason. On the other hand, Tata Motors too has shared its intention to increase the prices of its passenger and commercial vehicle by around 1-1.5 per cent.