Maruti Suzuki has once again increased its car prices. This time around the company has hiked the price of its popular Swift hatchback, and all CNG models from the company. Customers looking to buy CNG models will have to shell out more to take home these models. On Monday morning, Maruti Suzuki announced the news in a BSE filing.
Maruti Suzuki claimed an increase in input costs as the cause for the price increase on the Swift and all CNG models it currently offers according to the filing. The prices of these models have been increased by INR 15,000 and it is effective from June 12, 2021.
The company also stated that a price hike in other models is in the works, and that an official notification will be issued as soon as possible.
Aside from Maruti Suzuki, a number of other automobile manufacturers have had to raise the pricing of their models due to increased input costs. It’s unclear how price increases will affect the auto industry’s sales resurgence following the lifting of lockout restrictions.
The automotive sector as a whole got some relief in June, as sales across all segments rebounded. After the Covid-19 second wave slammed the brakes on production, demand, and retail once again, a variety of variables ranging from pent-up demand to new models helped the sector get back on track to recovery.
While the industry may be optimistic about the monsoon and the impending festive months, several experts warn that there is still a need to be cautious because of the looming threat of a third Covid wave, as well as rising fuel prices, which may deter potential customers.
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