PTI reported that Maruti Suzuki India will increase the vehicle prices across all models by up to INR 20,000 from January due to increasing pressure on margins due to currency fluctuation.
Mr Mayank Pareek COO of Maruti Suzuki India said that "There will be a hike in the prices of our products. Quantum will vary depending on models, but it can be up to INR 20,000."
Mr Pareek said that the price hike has been necessitated due to increasing pressure on the margins due to currency fluctuation.
Currently, the company sells a variety of models starting from the M800 to imported Kizashi at a price range starting from INR 2.09 lakh to INR 17.52 lakh (ex-showroom Delhi).
During the Q2 of this fiscal, the company had posted a 5.41% fall in net profit at INR 227.45 crore, hit by an unprecedented violence at its Manesar plant and low sales and currency fluctuation.
It had said that adverse foreign exchange movement had an overall impact of INR 350 crore on the company during the July to September period this fiscal.
During November, Maruti reported a 12.45% increase in its total sales at 1,03,200 units. Its domestic sales grew 9.67% to 90,882 units compared with 82,870 units in the year ago month.
The company said that exports went up by 38.37% to 12,318 units last month from 8,902 units in the year ago period.
