Maruti Suzuki has announced an increase in prices across its car portfolio in India by up to Rs 5,250. The country’s largest car manufacturer has hiked prices in order to offset the rising input costs and the effects of foreign exchange fluctuations.
According to a company official, the average price hike implemented is to the tune of 1 percent in the range of Rs 2,500 to Rs 5,250 across all car models. The carmaker is among many others who have raised prices in the month of September and October 2012 to counter rising input costs.
Mr. Mayank Pareek Chief Operating Officer (Marketing and Sales) Maruti Suzuki stated that the rising input costs and the foreign exchange fluctuations were putting a lot of pressure on the margins of the company. Adverse foreign exchange fluctuations resulted in a loss of Rs 280 crore to the automaker in the fiscal 2011-12, stated Mr. Pareek.