Maruti to hike car prices by up to `20,000 from Jan
8 Dec 2012 4:47 AM IST
It will be an expensive start to the new year for car buyers in 2013 with automobile companies led by the country's largest car maker Maruti Suzuki India (MSI) deciding to hike prices of their vehicles.
'The quantum will vary depending on models but it will be up to Rs 20,000,' MSI COO (Marketing & Sales) Mayank Pareek said on Thursday. He added that the price hike has been necessitated by increasing pressure on margins due to currency fluctuations.
In the second quarter of this fiscal, the company posted a 5.41 per cent fall in net profit at Rs 227.45 crore, hit by low sales. Adverse foreign exchange movements had an impact of Rs 350 crore on the company in the July-September period this fiscal, it had said.
For November, MSI reported a 12.45 per cent increase in its total sales at 1,03,200 units. Its domestic sales grew by 9.67 per cent to 90,882 units compared to 82,870 units in the year-ago month.
MSI's exports went up by 38.37 per cent to 12,318 units last month from 8,902 units in the year-ago period, the company had said.
General Motors India too said it is considering increasing prices of its vehicles across all models from January onwards. 'Depending on the models, the increase can be between 1-3 per cent. The rising input costs and currency fluctuation is a strain on us,' said GM India Vice-President P Balendran.
Honda Cars India and Volkswagen India too said that they are also contemplating such a move but the finer details are still being worked out.
Toyota Kirloskar Motor (TKM) said that it would increase prices across all models from January 1. The range will be 1-2 per cent across all models, a TKM spokesperson said.
TKM sells a range of vehicles from hatchback Etios Liva, with price starting at Rs 4.44 lakh to the imported sports utility vehicle Land Cruiser tagged at Rs 99.27 lakh (ex-showroom Delhi).
Honda Cars India said that it is considering price hikes but details are yet to be finalised.
Similarly, a spokesperson for Volkswagen Group Sales India said: 'With increasing pressure on input costs and exchange rates, Volkswagen is considering a price hike.’
'The quantum will vary depending on models but it will be up to Rs 20,000,' MSI COO (Marketing & Sales) Mayank Pareek said on Thursday. He added that the price hike has been necessitated by increasing pressure on margins due to currency fluctuations.
In the second quarter of this fiscal, the company posted a 5.41 per cent fall in net profit at Rs 227.45 crore, hit by low sales. Adverse foreign exchange movements had an impact of Rs 350 crore on the company in the July-September period this fiscal, it had said.
For November, MSI reported a 12.45 per cent increase in its total sales at 1,03,200 units. Its domestic sales grew by 9.67 per cent to 90,882 units compared to 82,870 units in the year-ago month.
MSI's exports went up by 38.37 per cent to 12,318 units last month from 8,902 units in the year-ago period, the company had said.
General Motors India too said it is considering increasing prices of its vehicles across all models from January onwards. 'Depending on the models, the increase can be between 1-3 per cent. The rising input costs and currency fluctuation is a strain on us,' said GM India Vice-President P Balendran.
Honda Cars India and Volkswagen India too said that they are also contemplating such a move but the finer details are still being worked out.
Toyota Kirloskar Motor (TKM) said that it would increase prices across all models from January 1. The range will be 1-2 per cent across all models, a TKM spokesperson said.
TKM sells a range of vehicles from hatchback Etios Liva, with price starting at Rs 4.44 lakh to the imported sports utility vehicle Land Cruiser tagged at Rs 99.27 lakh (ex-showroom Delhi).
Honda Cars India said that it is considering price hikes but details are yet to be finalised.
Similarly, a spokesperson for Volkswagen Group Sales India said: 'With increasing pressure on input costs and exchange rates, Volkswagen is considering a price hike.’
Next Story
