Starting April, car prices in India are set to rise as leading automakers, including Maruti Suzuki, Mahindra & Mahindra, and Hyundai, announce price hikes. The increase is attributed to rising input costs, currency fluctuations, and operational expenses.
Maruti Suzuki to Raise Prices by Up to 4%
Maruti Suzuki India, the country’s largest passenger car manufacturer, has confirmed that prices across its entire model lineup will increase by up to 4% from next month. The company cited growing production costs as the primary reason for the hike.
Industry Trends and Reasons for the Price Increase
Rajat Mahajan, Partner & Automotive Sector Leader at Deloitte, explained that automakers typically implement price revisions twice a year—once at the beginning of the calendar year and again at the start of the financial year.
“The extent of the hike depends on various factors, including currency fluctuations. A weaker rupee means higher import costs for components and raw materials,” Mahajan said.
In the last six months, the US dollar has strengthened by nearly 3% against the rupee, adding to the financial pressure on manufacturers.
Other Automakers Expected to Follow Suit
Apart from Maruti Suzuki, Hyundai, Mahindra & Mahindra, Tata Motors, and other major players are likely to increase prices to offset higher material and logistics costs.
With vehicle prices rising, consumers planning to buy a car might consider advancing their purchases to avoid paying more after April.
