Tuesday, 16 December 2014 00:33
(Reuters) - Maruti Suzuki India Ltd, India’s largest carmaker, plans to raise prices of its cars by 2 to 4% from January due to an increase in input costs, its executive director R.S. Kalsi said on Monday.
Maruti joins carmakers including Indian units of BMW AG and General Motors Co that also plan to raise prices of their cars by up to 5% from January, the companies have said earlier.
The increase in prices come despite slowing sales of passenger vehicles which are expected to grow at less than 4% this fiscal year that started on April 1, according to the Society of Indian Automobile Manufacturers.
The industry body had earlier said sales would grow between five% and 10% in this fiscal year.
Mahindra & Mahindra Ltd, India’s top utility vehicle maker, also raised prices of its passenger and commercial vehicles, and tractors in November to offset rise in input costs.