Challenging market conditions, rise in administrative and component costs along with foreign exchange fluctuations has resulted in Maruti Suzuki India Limited (MSIL) announce a price hike from January 1, 2016.
Price hike will be across all models, including the new Baleno. This price hike follows the previous price hike announced by the company in August 2015 when prices were increased by INR 3,000 to INR 9,000 across models except on the newly launched S Cross. While MSIL has not indicated any model wise breakup of price hike as on date, the S-Cross being most expensive car in the company portfolio is set to receive maximum price hike of INR 20,000.
The price hike announced by MSIL follows price hikes announcements by leading automakers in the country such as Toyota, Hyundai, Mercedes Benz and BMW, all of whom will be increasing prices from January 1, 2016.
MSIL currently sells a wide range of car models in India right from the entry level Alto 800 to Maruti Suzuki S-Cross all priced between INR 2.53 lakhs and INR 13.74 lakhs. The price hike will allow the company to clear stocks and inventories from company dealerships following heavy discounts offered during the recently concluded festive season.