The customers of the country’s largest carmaker Maruti Suzuki have once again suffered a major setback. Maruti Suzuki India has today announced an increase in the prices of its vehicles. According to the information given by the company, the price of select models has been increased by 1.9%.
The company has cited increasing input cost of vehicles as the reason behind this increase. Let us tell you that on August 30, Maruti Suzuki India Limited, during a filing to the stock exchanges, had announced that from September 6, the ex-showroom prices (Delhi) of select models will be increased by 1.9 percent.
Price hiked for the fourth time in a row:
This is the fourth time this year that Maruti Suzuki has increased the price of its vehicles. Earlier, the company had increased 1.6 percent in the month of January last. On the other hand, there was an increase of 1.9 percent in the month of April and 0.4% in the price of only CNG vehicles in the month of July. Now this is the fourth time that the price of Maruti Suzuki cars is increasing.
The direct impact of this decision of the company will be seen on the pockets of new car buyers. MSIL Senior Executive Director (Marketing & Sales) Shashank Srivastava told the media that, “Commodity prices have increased significantly since April 2020. For example, steel prices have increased from Rs 38,000 per tonne last year to Rs 65,000 per tonne today. Similarly, copper prices have risen from $6,200 per tonne to $10,200 per tonne and rhodium and palladium prices have also increased manifold in the past one year. This is the reason why the cost price of vehicles is continuously increasing.
Along with increasing the cost price, the country’s auto sector is also facing the shortage of semiconductors. Due to which companies like Maruti Suzuki and Mahindra have also stopped their production for a few days. Semiconductor is a major component (chip) used in vehicles today, which is imported from countries like Malaysia. Malaysia is the largest chip supplier, but the situation has become more difficult due to the lockdown there.