Auto Giants Gear Up for Price Hikes in 2024: Maruti Suzuki to Tata Motors, Here’s the Full List
Written by Sanjay Kumar
News Highlights
- Fourteen major automakers, including Maruti Suzuki and Tata Motors, announce price hikes in 2024, impacting car enthusiasts’ budgets.
- Audi India plans a 2% price increase from January 1, 2024, citing rising input and operational costs, maintaining a premium brand positioning.
- Mahindra & Mahindra hints at a price hike in 2024 due to inflation, leaving consumers curious about the extent of the increase in their four-wheelers.
Car enthusiasts may need to dig deeper into their pockets as 14 leading automakers, including Maruti Suzuki, Tata Motors, and Audi India, are set to increase vehicle prices from January 2024.
Major players in the automotive industry are set to implement price hikes in the upcoming year, affecting car buyers’ plans for 2024. From Maruti Suzuki to Tata Motors, prominent automakers are citing various reasons for the impending increases.
Tata Motors:
Tata Motors is contemplating a price hike in January 2024, focusing on both passenger vehicles and electric vehicles. The exact percentage of the price hike remains undisclosed at this point.
Audi India:
German luxury car manufacturer Audi is poised to raise vehicle prices in India by up to 2% starting January 1, 2024. The decision is attributed to escalating input and operational costs, prompting a strategic move to maintain the brand’s premium pricing.
Audi India Head Balbir Singh Dhillon stated, “Due to rising supply chain-related input and operational costs, we have effected a price correction across our model range, maintaining the brand’s premium price positioning.”
Mahindra & Mahindra:
Mahindra & Mahindra is planning a price hike for its four-wheelers in the upcoming year. However, specific details regarding the extent of the increase are currently scarce. The company attributes the decision to rising costs due to inflation.
Maruti Suzuki:
Maruti Suzuki, India’s largest car manufacturer, is gearing up for a price hike, having last increased vehicle prices by 0.8% in April of the current year. In the previous fiscal year, the company implemented a total price hike of 2.4%.
Shashank Srivastava, senior executive director of Maruti Suzuki, explained, “Steel prices have firmed up a little over the last 3-4 months, which accounts for around 38% of our commodity buying. We have been estimating the impact of the volatility of commodity prices on our costs, and trying to cut costs internally and then take price hikes as a last resort.”
Conclusion:
As the automotive industry faces challenges such as rising costs and inflation, consumers can anticipate adjustments in vehicle prices from various manufacturers. The impact of these price hikes on the market and consumer sentiment remains to be seen as the new year approaches.
