Maruti Suzuki, M&M, Audi India and other automobile giants announce price hikes in 2024
Automobile giants in India, including Maruti Suzuki, M&M, and Audi India, are set to increase prices of passenger vehicle in January 2024.
Major automotive players in India, including Maruti Suzuki, Mahindra & Mahindra (M&M), and Audi India, have disclosed plans to increase the prices of their passenger vehicles in January 2024. The decision is attributed to escalating cost pressures stemming from overall inflation and increased commodity rates affecting the automobile industry.
Maruti Suzuki, India’s leading car manufacturer, had previously raised vehicle prices by 0.8% in April of the current year. The impending hike is a response to the recent surge in steel prices, constituting approximately 38% of the company’s commodity procurement. Shashank Srivastava, Senior Executive Director of Maruti Suzuki, emphasized the company’s commitment to exploring internal cost-cutting measured before resorting to price adjustments.
Nalinikanth Gollagunta, CEO (Automotive Division) of Mahindra & Mahindra, confirmed the company’s intention to implement a price increase for its automotive products starting January 2024. The detailed breakdown of these adjustments will be unveiled closer to the implementation date. Concurrently, Tata Motors is also contemplating a price hike for its passenger and electric vehicles, with the extent and specifies expected to be disclosed in the coming weeks.
German luxury car manufacturer Audi India declared a price hike of up to 2% across its model range, effective from January 1, 2024. Balbir Singh Dhillon, head of Audi India, cited mounting input and operational costs within the supply chain as the primary drivers behind the decision. Dhillon reassured customers that the company aims to minimize the impact of the price hike, prioritizing sustainable growth for Audi India and its dealer partners.
Tata Motors, a prominent player in the Indian automotive sector, expressed its consideration of price hikes for passenger and electric vehicle in January 2024. While the specifics are yet to be finalized, the company aims to navigate the evolving economic landscape. Additionally, Mercedes-Benz India is evaluating the prospect of price adjustments starting from January, aligning with the industry’s response to economic challenges.
Ms Kalinga