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Vehicle prices to go up due to high input costs

Vehicle prices to go up due to high input costs

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Last updated: March 20, 2024
by and Alex Morrell is a senior correspondent at Business Insider covering Wall Street at large.

Small cars, sports utility vehicles,
sedans, and two-wheelers are set to get costlier with automakers raising prices
to partially absorb the impact of high material costs.

The country’s largest carmaker Maruti
Suzuki on Wednesday said it will increase prices across its range of vehicles
later this month to partially offset the sharp rise in input costs. This will
be the fifth price hike for the company in the last 16 months.

Hero MotoCorp, Honda Cars
India, and Toyota Kirloskar Motor (TKM) has already affected a price increase
this month to counter the rise in procurement cost of materials. With the
market leader now announcing a revision in vehicle prices later this month,
others are likely to follow suit.


Shailesh Chandra, Managing Director
of Tata Motors Passenger Vehicle Business, told ET that over and above a
significant rise in key commodity costs and precious metals, there is now the
pressure of rising freight costs and an increase in semiconductor chip costs,
compelling the company to look at a price increase. Pune-based Bajaj Auto has
indicated it is likely to hike prices later this month. German carmaker
Volkswagen has said it is likely to raise vehicle prices by up to 3% in May.
Korean auto major Hyundai, though, maintained it has no plans to raise prices
“as of now”.

Maruti Suzuki itself has raised
vehicle prices four times between January 2021 and March 2022 due to the rise
in input costs. The total increase in its vehicles has been around 8.8% in this
period. Maruti Suzuki sells a range of vehicles from small car Alto to
crossover utility vehicle S-Cross. In January, the company increased prices by
up to 4.3% across its range of vehicles.

In September last year, the company
hiked prices across its portfolio by an average of 1.9%, except on the Celerio.
Maruti Suzuki had announced an increase of around 1.8% and 1.4-1.5% in
ex-showroom prices (Delhi) across models in April 2020 and January 2020,
respectively. The carmaker also increased the prices of
CNG vehicles last July.

Source:
The Economic Times

Image Source: Google Images

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