 "Maruti car models get costlier by up to Rs 5,250")
New Delhi: Maruti Suzuki India today said it hiked prices of all models by up to Rs 5,250 with immediate effect to offset adverse impact of foreign exchange fluctuation and rising input costs.
“The average hike in the price across models is around 1 percent and the range will be between Rs 2,500 and Rs 5,250,” a company spokesperson said.
The price increase will take place with immediate effect, he added.
The company sells a range of models starting with the small car Maruti 800 to the luxury sedan Kizashi, which are priced between Rs 2.04 lakh and Rs 17.5 lakh (ex-showroom Delhi).
Last month, Maruti Suzuki India, chief operating officer (marketing and sales), Mayank Pareek had said the company would hike prices of its vehicles due to various factors.
“There is a lot of pressure on our margins due to the foreign exchange fluctuation and rising input costs,” he said.
The company had said that in order to counter the impact of adverse currency movement, it is targeting to reduce its forex exposure by nearly 65 percent to $600 million by March 2015 for which it is working with its vendors to reduce imports.
Besides, the company is looking out for new markets to increase exports of its products to mitigate impact of unfavourable foreign exchange fluctuation.
Other car makers including Honda Cars, General Motors and Audi India have either raised the prices of their vehicles or in the process to do so.
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