Maruti Suzuki India on Thursday said it will increase prices of its model range in April to partially offset the impact of “overall inflation and regulatory requirements”.
The auto major, however, did not share the quantum of the price hike it intends to implement from next month. The company continues to witness increased cost pressure driven by overall inflation and regulatory requirements, the auto maker said in a regulatory filing. While the company makes maximum effort to reduce cost and partially offset the increase, it has become imperative to pass on some of the impact through a price increase, it added.
The company has planned this price increase in April, 2023, which shall vary across models, Maruti Suzuki India stated. Already several automakers, including Honda Cars, Tata Motors and Hero MotoCorp, have announced increase in prices from April. The Indian automobile industry is currently working to make their products meet the second phase of BSVI emission norms. From April 1, vehicles will need to have an on-board self-diagnostic device to monitor the real-time driving emission levels. The device will constantly monitor key parts for meeting emission standards, such as the catalytic converter and oxygen sensors, to keep a close watch on emissions.