Maruti to increase its car prices from next week
The wave of increase in car prices has started with the Indian can manufacturer, Maruti Suzuki India Ltd joining the hub. India's largest car manufacturer, Maruti today declared the the prices of its car will face a hike in the coming week. Like other companies, Maruti has also given the major reason of the increase in prices to hike in input costs which the company is facing. But Maruti Suzuki India Ltd. is not announcing a hike in prices for the first time as it has happened twice in this financial year.
As per the company officials, they are going through shrinking margins which is the major reason that a decision of increase in price has been taken. Mainly car manufacturers are facing increased prices of essential commodities like aluminium, steel, rubber and other key components which are taken as basic inputs in car manufacturing.
Maruti Suzuki has to face an additional problem apart from price hike in inputs, and that is the costlier imported parts from its Japan plant as the value of Yen against US dollar has strengthened. Thus the paired factors have worsened the situation for the company.
As per Mayank Pareek who is the Managing Executive Officer for sales and marketing, the company is not left with any other option but to increase the price of its portfolio cars. Though for now no official statement is made as by what percent the hike will be introduced.
Maruti Suzuki India Ltd. has plans to increase the production of Maruti Alto, the highest selling small car to 40,000 units from earlier 32,000 units on a monthly basis. As per the company officials, the instructions to ramp up the supplies to the vendors is already given. The car brings a large volume of sales to the company and is a major player in its segment. The company is expecting better sale of Maruti Alto in coming times.
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