New Delhi, March 17: Leading automaker Maruti Suzuki India Ltd on Monday announced its third price hike this year — up to 4 per cent which is effective from April — to offset rising input costs amid moderating sales.
The price increase on the vehicles from next month will vary depending on the model, according to an exchange filing by the company. “In light of rising input costs and operational expenses, the company has planned to increase the prices of its cars from April, 2025.
The price increase is expected to be up to 4 per cent and will vary depending on the model,” said Maruti Suzuki India. “While the company continuously strives to optimise costs and minimise the impact on its customers, some portion of the increased cost may need to be passed on to the market,” it added in the filing.
The company had previously raised car prices on January 1 and February 1. The leading car manufacturer clocked a 16 per cent increase in net profit to Rs 3,727 crore for the October-December quarter of the current financial year, compared to the corresponding figure of Rs 3,206.8 crore in the same quarter last year.
On a standalone basis, the company’s net profit rose 13 per cent year-on-year to Rs 3,525 crore from Rs 3,130 crore in the same quarter last year. Meanwhile, the Suzuki Motor Corporation of Japan, the parent company of Maruti Suzuki India, last month announced a new mid-term plan with a “rethink” in its strategy as “the business environment has changed due to declining market share in India” and the growing electrical vehicles segment.
In its new mid-term plan for 2025-30, the company has identified India as its “most important market”. Maruti Suzuki aims to create a manufacturing capacity of producing 4 million cars annually to reclaim a 50 per cent market share in India and use the country as a global export hub as well. Maruti Suzuki is currently exporting three lakh vehicles from India annually. By the end of this decade, it is targeting the export of 7.5-8 lakh units per year.
IANS