Guwahati, Sept 25 (PTI): Maruti Suzuki India, country's largest carmaker, said Wednesday it will increase the prices of its entire range of models by up to Rs 10,000 from the first week of October, mainly because of the depreciation of the rupee.
“We have been wanting to raise the price for some time as our input costs went up severely, mainly on account of weakening of rupee. However, the market was not conducive. Now it has become inevitable,” Maruti Suzuki India (MSI) Chief Operating Officer (Marketing and Sales) Mayank Pareek told PTI.
The increase will vary from model to model, and also depend on fuel specifications, but will be effective from the first week of October, he added.
“The amount of price hike will vary between Rs 3,000 and Rs 10,000. It will be applicable to all our models,” Pareek said.
Maruti Suzuki’s car prices start from Rs 2.35 lakh and go up to Rs 10.21 lakh, according to the company’s website. These prices are ex-showroom, Guwahati.
The last time Maruti Suzuki had increased prices was in January, by up to Rs 20,000. In the last few months, rupee has hit a lifetime low of below 68.85 against the US dollar.
However, it started gaining after Raghuram Rajan joined as the new Governor of the Reserve Bank of India and announced a slew of measures.
Earlier, this month, Hyundai and General Motors decided to increase vehicle prices by up to Rs 20,000 to offset the impact of rupee depreciation and rising input costs, resulting in more spending from new car buyers in the festive season.
Tata Motors said it plans to increase the prices of its passenger and commercial vehicles by around 1-1.5 per cent, depending on the model, either petrol or diesel.
Toyota Kirloskar Motor had announced a hike in prices of its key models by up to Rs 24,000 with effect from September 21 to partly offset higher cost of raw materials and rupee depreciation.