New Delhi : Maruti Suzuki, India’s largest seller of passenger vehicles on Monday announced that it’ll hike prices of its vehicles in the second quarter (July-September) of the current financial year. The company has attributed the price hike to rise in input costs.
However, the company has not disclosed the extent of the price hike.
“Over the past year the cost of the Company’s vehicles continue to be adversely impacted due to increase in various input costs. Hence, it has become imperative for the Company to pass on some impact of the above additional cost to customers through a price rise. The price rise has been planned in quarter 2 and the increase shall vary for different models” said MSIL in a stock market filing.
The company had sold 40,924 vehicles in the month of May 2021 against 1,59,691 vehicles in April 2021 and only 3714 vehicles in lockdown disrupted May 2020. The drop in sales was due to closure of the company’s production facilities from 1st May to 16th May to divert oxygen for medical purposes. Also the lockdown enforced by several states has also affected the company’s sales.