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Maruti Suzuki has announced that it will increase prices across all its offering starting next month. The company has not announced what the price increase would be, however they said the increase was due to an increase in various input costs.
The company currently sells its range of vehicles starting with the Alto all the way to the XL6 with prices ranging between Rs 2.89 lakh and Rs 11.47 lakh (ex-showroom, India).
The company announced via a statement that the costs of all vehicles it manufactures has been impacted because of various input costs. This means the company will pass some of the additional costs to customers via an increase across all models and variants starting January 2020.
The company has reported a 1.9 percent decline in sales through November, translating to sales figures of just under 1.51 lakh units. It also announced domestic sales declined by 1.6 percent translating to 1.44 lakh units sold last month as compared to the 1.46 lakh units sold during November 2018.
The company reported a 39 percent fall in profits for the quarter July through September, and reported a net profit of Rs 1,359 crore as compared to the Rs 2,240 crore during the same period last year.
The last increase in prices were announced by the company during April this year, but the increase was rather insignificant. The last price increase was an amount of Rs 689 announced across the entire range of vehicles. This price increase however, was because the government decision to make High Security Registration Plates compulsory.
In related news, Maruti Suzuki became the first Indian manufacture to deliver a massive 20 million cars over 37 years. The company delivered its first Maruti 800 during the December of 1983, and eventually went on to set the record breaking number. To read more, click here.
Thoughts About The Announcement Of Increase In Prices
We think the company is increasing prices of its products in order to offset losses incurred because of the slowdown in the auto industry. Everyone expects an increase in price because of engine upgrades from BS-IV to BS-VI norms, but an announcement without a tentative number is fairly unsettling. We can only wait for an announcement about what the increase in prices are. And by no means is the company only asking customers to share a burden. Profits are being made, for sure.