In a recent development, major automobile manufacturers, including Maruti Suzuki, Tata Motors, Mahindra, and Audi, have collectively declared a forthcoming increase in the prices of new cars and SUVs, effective from January 1, 2024. The primary driver behind this decision is attributed to the escalating costs of commodities, especially steel, which has witnessed a surge in demand.
Audi
The renowned German luxury brand, Audi, has announced a uniform 2 percent price hike across its entire model range. The company's current lineup encompasses a diverse array of vehicles, ranging from sedans like the A4, A6, and A8 L, to SUVs such as the Q3, Q5, Q7, and Q8. Additionally, Audi's sports car, the S5 Sportback, and its electric offerings, including the Q8 e-tron, Q8 Sportback e-tron, and the e-tron GT, are also part of this price adjustment.
Maruti Suzuki
As a stalwart in the Indian automotive market, Maruti Suzuki, known for its best-selling models like the Alto, Baleno, Swift, and Vitara Brezza, has declared an impending price hike. The company attributes this decision to the rising production costs. While the extent of the increase will vary across different models, Maruti Suzuki aims to implement these adjustments to offset the impact of escalating costs.
Mahindra
Mahindra, a key player in the SUV segment, has also conveyed its intention to raise vehicle prices from January 2024. The decision is a response to inflationary pressures and the escalating costs of commodities. Although specific details regarding the extent of the price hike are yet to be disclosed, Mahindra's diverse product lineup, including the XUV300, XUV700, Bolero, Scorpio, Marazzo, Thar, and the electric XUV400, is expected to be affected.
Tata Motors
Tata Motors, the homegrown automaker, has confirmed plans to increase prices for its passenger vehicles, encompassing both conventional and electric models. While the company has not divulged specific details regarding the quantum of the price hike, it assures consumers of an imminent announcement that will provide comprehensive insights into the adjustments. Tata Motors' current lineup includes popular models like the Altroz, Harrier, Nexon, Safari, and an extensive range of electric vehicles, such as the Nexon EV and Tigor EV.
In conclusion, the collaborative decision by these automakers to increase prices reflects the broader challenges faced by the automotive industry, particularly in managing rising commodity costs. As consumers brace themselves for the impact on their pockets, the manufacturers emphasize the necessity of this adjustment to maintain the sustainability of their operations in the face of economic changes.