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Maruti Increases Car Prices By Rs.20,000
Maruti Suzuki has justified the price hike by stating it had been affected adversely by severe fluctuations in the currency markets. Maruti Suzuki India Chief Operating Officer (Marketing & Sales) Mayank Pareek has said the price hike will be effective from tomorrow, 16th January and be across the entire product range.
The carmaker had announced a price hike ranging between 1% and 3% on its entire product range in December. It is yet to reveal the revised model wise price list. The highest price hike of Rs.20,000 will be that of the Kizashi premium sedan that retails at above INR 17 lakhs.
Mr Pareek has said the Maruti had to consider increasing prices again as its margins were under severe pressure after an adverse currency fluctuation. Currency fluctuations have an impact on carmakers as they rely on imported parts and engines. Maruti Suzuki is particularly affected as it not only imports parts but also pays royalty to Japanese vehicle manufacturer Suzuki, its parent company.
Maruti Suzuki pays Suzuki using the Japanese currency Yen. The value of the Yen has increased recently adding to the costs of the Indian carmaker. Whenever the value of the yen has increased, Maruti ends up paying more rupees for the same number of yens.
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