New Delhi: The country's largest carmaker Maruti Suzuki India (MSI) on Monday said it will increase prices across its model range from next month in order to offset the impact of high input costs.
Over the past year, the cost of the company's vehicles has been impacted adversely due to an increase in various input costs, the auto major said in a regulatory filing.
"Hence, it has become imperative for the company to pass on some impact of the above additional cost to customers through a price increase in April 2021," it added.
The price increase shall vary for different models, it added.
The company however did not share details about the quantum of the price hike it intends to take from next month.
Read More:Auto dealers lose over 20% sales due to semiconductor shortage
MSI sells a range of models from entry-level hatchback to S-CROSS crossover, priced Rs 2.99 and Rs 12.39 (ex-showroom prices Delhi).
Last January, all the major automobile companies, including Tata Motors, Isuzu Motors, Mahindra and Mahindra and BMW, increased the prices of various models citing rising input costs.
For instance, on January 18, Maruti announced hike in prices of select models by up to Rs 34,000.
As far as the current hike is concerned, industry experts are of the view that rise in the prices of steel and semiconductor shortages could have forced Maruti to take such a decision.
As per the Federation of Automobile Dealers Association (FADA), Maruti Suzuki is the market leader in the passenger vehicle segment. Last February, the company sold around 1.19 lakh passenger vehicles with around 47 per cent market share.
(With PTI Inputs)
