Leading automakers in India, including Maruti Suzuki, Mahindra & Mahindra, and Audi, have announced plans to increase the prices of their passenger vehicles starting January 2024. The decision is attributed to cost pressures arising from overall inflation and heightened commodity rates.
Maruti Suzuki, the country’s largest carmaker, stated that the price hike would vary across models and be “substantial” in some cases. Shashank Srivastava, MSI’s Senior Executive Officer for Marketing and Sales, highlighted the impact of inflation and commodity volatility on the decision, expressing the necessity to offset increased costs.
Mahindra & Mahindra is also set to raise prices for its automotive products effective January 2024, with CEO Nalinikanth Gollagunta citing inflation and commodity price outlook as driving factors.
Tata Motors, considering a price hike across its passenger and electric vehicles, emphasized the need to assess the extent of the increase in the coming weeks.
Audi India announced a price hike of up to 2% across its model range, effective from January 1, 2024. The decision is attributed to rising input and operational costs, aiming to maintain the brand’s premium positioning while minimizing the impact on customers.
Mercedes-Benz India is also contemplating a price hike from January, aligning with the industry trend of addressing cost pressures in the face of economic challenges.