Automobile major Maruti Suzuki India on Thursday announced that it will hike prices of select models with effect from January 2022.
In a regulatory filing, the company attributed the decision to increase in input costs.
“Over the past year, the cost of company’s vehicles continue to be adversely impacted due to increase in various input costs," the company said in a statement.
“Therefore, it has become imperative for the company to pass on some impact of the above additional costs to customers through a price hike."
As per the filing, the price rise has been planned in January 2022. “The increase shall vary for different models. On an average the material cost accounts for 70 per cent of our overall cost structure."
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The company had earlier raised prices for different car models in January, April, July for CNG cars and Swift and in September.
Semiconductor shortages subdued automaker Maruti Suzuki’s production and sales in November.
Total sales last month fell on a year-on-year basis to 139,184 units from 153,223 units during the same period of the corresponding year.
Besides, domestic sales were 113,017 units, and sales to other original equipment manufacturers stood at 4,774 units.
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The automaker exported 21,393 units in November, which is its highest ever in a month, it said.
“The shortage of electronic components had a minor impact on the production of vehicles during the month," the company said.
The shortage primarily affected the production of vehicles sold in the domestic market, however, the company took all possible measures to minimise the impact.
On Wednesday, the auto major’s shares settled at Rs 7,300, up 3.29 per cent from the previous close.
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