Maruti Suzuki has increased price of its popular Swift hatchback and those who may have been looking at buying a CNG vehicle from the company due to rising petrol and diesel prices will also have to shell out more to drive home these models. Maruti Suzuki made the announcement in a BSE filing on Monday morning.
In the filing, Maruti Suzuki cited rise in input costs as the reason behind hike in prices of Swift and all CNG models it currently offers in the country. The prices have been hiked by up to 15,000 for these models and are effective from Monday onwards.
The company further informed that a price increase in other models is also planned and that a formal intimation would be made accordingly.
Several car makers apart from Maruti Suzuki have also had to hike prices of models on offer owing to the same reason of input costs rising. It remains to be seen how hike in prices could potentially impact the recovery in sales of the auto industry post easing of lockdown restrictions.
The month of June provided relief to the automotive industry at large as sales across segments returned to green. A combination of factors ranging from pent-up demand to new models helped the industry get back on the path of recovery after the Covid-19 second wave had once again slammed brakes on production, demand and retail.
Maruti Suzuki, the country’s largest car maker, manufactured 1,65,576 units, a four-fold increase from the figure of 40,924 units produced in May. (Read full report here)
While a largely positive trend in monsoon and the upcoming festive months could be seen with a certain degree of optimism by the industry, many also point out the need to be cautious because of the looming threat from a third Covid wave as well as rising fuel prices which could deter prospective buyers.