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Maruti To Hike Car Prices By INR 20K In January
Maruti Suzuki, India's leading carmaker has announced that it will increase prices of its cars by as much as INR 20,000 from January. The carmaker has stated that increasing pressure on its profit margins resulting from currency fluctuations had lead to the price hike.
Maruti Suzuki India's chief operating office Mayank Pareek while disclosing the company's decision said the fluctuating currencies had an impact on the company's finances and it was forced to pass on the cost on to the customer.
Maruti Suzuki had earlier hinted at a price hike in September it self. It had then not indicated the quantum of the price hike but had stated that it had suffered losses up to INR 350 crores only due to the fluctuation in currency values. We had earlier reported that Maruti Suzuki's price hike effective from January will be about 1%.
Maruti Suzuki sells cars priced in the range of INR2.09 lakhs (Maruti 800) and INR 17.52 lakhs (Kizashi premium sedan). Since the maximum price hike to be effective from January will be INR 20,000, it is understood that the Kizashi's price will increase the most.
Maruti Suzuki's announcement of the price hike will also mean customers can head to showrooms this December before the new price becomes effective. The announcement has come 25 days before the new prices and will provide customers enough time.
Maruti Suzuki's price hike can also be considered as a tactic by the carmaker to attract buyers before the end of this year. Car sales in January and February increase usually in anticipation of increased taxes in the budget.
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