In a statement, the company said, “Over the past one year, the cost of vehicles of the Company is being adversely affected due to increase in various input costs. Therefore, it has become imperative for the Company that the above additional costs will have some impact on the customers. But be given through price escalation.”
The carmaker’s shares saw a decline of 0.02 per cent as soon as the price hike was announced. Since January last year, Maruti has increased the prices of its vehicles five times. With the new increase, now Maruti cars have become costlier by 9 percent in the last five quarters.
Maruti Suzuki is India’s largest car manufacturer and exporter. Some of the company’s models like Swift, Baleno, WagonR and Dzire are the best selling cars in India. The carmaker launched the Celerio in a new avatar last year. After which the company launched the Ertiga facelift last week at a starting price of Rs 8.35 lakh (ex-showroom). Now the company is preparing to launch the new XL6.
Maruti Suzuki is at the forefront not only in sales of cars but also in production. The company produced 1,63,392 vehicles in March 2022. Of these, 1,59,211 were passenger vehicles and 4,181 were commercial vehicles. Last month, Maruti produced 1,09,676 units of hatchback cars while 3,935 units of sedans were produced. At the same time, the production of utility vehicles (SUVs) was recorded at 45,600 units.
In terms of sales, Maruti Suzuki has sold 1,33,861 units of passenger vehicles in March 2022, registering a year-on-year decline of 8 percent. Last year in the same month, the company had sold a total of 1,46,203 units of vehicles. At the same time, talking about the sales in the financial year 2021-2022, the domestic sales of Maruti Suzuki stood at 13,31,558 units of vehicles.
Whereas in the financial year 2020-2021, Maruti Suzuki sold 12,93,840 units in the domestic market. This financial year saw a growth of 3 per cent in the company’s sales. The company has cited the lack of electronic components as the reason for the decline in the production of the vehicles.