Maruti Suzuki hikes car prices by up to 4% following Hyundai India
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India's top carmaker Maruti Suzuki on Friday said it will hike car prices by up to 4% to tackle rising raw material and operational costs, as it joins rival Hyundai Motor India.
Maruti's shares rose as much as 1.7% to the day's high of 11,375.95 rupees after the announcement, its second one this year.
The hike, which is set to vary depending on the model, will come into effect from Jan. 1, 2025 and is higher than its 0.45% hike in January.
Hyundai India on Thursday also said it would raise prices across its models by up to 25,000 rupees ($295.37).
Indian automakers are grappling with higher costs from rising global commodity prices, high import duties on raw materials, and disruptions in supply chains.
Many carmakers, like Maruti, have also struggled with slowing sales as demand for new cars has cooled after successive years of surging sales.
($1 = 84.6410 Indian rupees)
