Maruti Suzuki, India’s largest automaker, announced that it will raise the price of its entire passenger car portfolio, excluding Celerio, by 1.9%. Maruti Suzuki India (MSI) said in a regulatory filing that it has decided to raise prices across the model line as manufacturing input costs are steadily rising. This is the third price increase that MSI has rolled out in 2021. Automakers raised prices in January and April this year, raising the overall price by about 3.5%.
Last month, MSI said it needed to raise prices to protect profitability amid rising commodity prices. Shashank Srivastava, senior executive director of MSI (sales and marketing), said the company had no other choice, but had no choice but to raise prices to offset the impact of rising product costs. He said steel prices rose from 38 rupees per kg last year to 65 rupees per kg from May to June this year. Similarly, the price of copper has doubled from US $ 5,200 per ton to US $ 10,000 per ton.
In the case of precious metals, the transition to stricter emission standards has increased overall demand in various global markets and India. Srivastava said the price of precious metals such as rhodium rose from 18,000 rupees per gram in May 2020 to 64,300 rupees per gram in July.
Maruti Suzuki was in the news when it was announced late last week Recall of vehicles over Rs 181,000 Replacing a Potentially Defective Motor Generator Unit (MGU)-One of the largest voluntary recalls in the country. The company also 2nd generation Martis Suzuki Celerio In the next few months.
In the case of precious metals, the overall demand has gone up in various global markets and India due to the transition to stricter emission norms. Srivastava had said that the prices of precious metals like rhodium have increased from Rs 18,000 a gram in May 2020 to almost Rs 64,300 a gram in July.
Maruti Suzuki raises prices up to 1.9% across passenger car range-Technology News, Firstpost
Source link Maruti Suzuki raises prices up to 1.9% across passenger car range-Technology News, Firstpost