Maruti Suzuki has announced a price increase of up to Rs 30,000 across its car models, effective from August. The company said the revision is driven by a rise in the cost of metals and other raw materials.
In its statement, Maruti said it had tried for several months to reduce costs through various measures. However, with expenses continuing to remain elevated, the company said a price hike has become unavoidable.
The automaker added that it has absorbed a significant portion of the higher production costs and attempted to minimise the impact on customers. Still, it said it now needs to pass on part of the cost increase to buyers.
Maruti noted that the extent of the price hike will vary depending on the model. The company also disclosed the decision in a filing to the Mumbai stock exchange, after which its shares rose in trading.
