Maruti, Tata Motors, M&M to Hike Prices from January 2024

Major automakers in India, including Maruti Suzuki, Mahindra & Mahindra, Audi India, Tata Motors, and Mercedes-Benz, are gearing up to implement price increases for their passenger vehicles in January 2024. The primary reasons cited for this decision are the escalating cost pressures resulting from overall inflation and increased commodity rates.

Maruti Suzuki India (MSI)

Maruti Suzuki, the largest carmaker in India, disclosed its intention to raise prices in January 2024. The company, which offers a diverse range of vehicles from the entry-level Alto to the multi-utility vehicle Invicto, priced between ₹3.54 lakh and ₹28.42 lakh acknowledged inflationary pressures. Shashank Srivastava, MSI's Senior Executive Officer (Marketing and Sales), emphasized the impact of commodity price volatility and stated that the price hike would vary across models. The decision follows a 0.8% price increase in April and a total of 2.4% throughout the last fiscal year.

Mahindra & Mahindra

Nalinikanth Gollagunta, CEO (Automotive Division) of Mahindra & Mahindra, announced the company's plan to increase prices for its automotive products effective January 2024. The specific details regarding the extent of the price hike will be disclosed closer to the implementation date. This decision is based on the company's assessment of inflation and commodity price outlook.

Tata Motors

Tata Motors, a prominent player in the Indian automotive market, is also contemplating a price hike for its passenger and electric vehicles in January 2024. While the exact quantum of the proposed increase remains undisclosed. Tata Motors sells a diverse range of vehicles, from the Tiago hatchback to the premium SUV Safari, priced between ₹5.6 lakh and ₹25.94 lakh.

Audi India

Audi India, the German luxury carmaker, is set to increase the prices of its vehicles in India by up to 2% from January 1, 2024. The decision is attributed to rising supply chain-related input and operational costs. Balbir Singh Dhillon, Head of Audi India, said the price correction aims to ensure sustainable growth for Audi India and its dealer partners, with efforts to minimize the impact on customers. Audi India sells a range of vehicles, including the Q3 SUV and the sports car RSQ8, priced between ₹42.77 lakh and ₹2.22 crore.

Mercedes-Benz India

Mercedes-Benz India is also considering a price hike from January, although specific details have yet to be provided. The company aligns with the industry trend of addressing increased costs, emphasizing its commitment to sustainable growth for Mercedes-Benz India and its dealer partners. Further details regarding the extent of the proposed price hike are expected to be revealed shortly.

Final Words

The collective move by these automakers reflects the challenges posed by inflation and rising commodity prices in the automotive sector. As they navigate these economic pressures, the companies are committed to providing quality products while attempting to minimize the impact on customers. Car buyers in India can expect varying degrees of price adjustments across different models in the coming year.