As 2023 draws to a close, a significant automotive shakeup awaits Indian car enthusiasts. Maruti, Hyundai, Tata, and other major players have declared an impending price hike, slated for January 2024. The driving force behind this decision? Soaring input and operational costs. Let's delve into the specifics of each automaker's stance on this upcoming adjustment.
Maruti Suzuki
Towards the end of November 2023, Maruti Suzuki made it clear that a price hike is on the horizon for both its Arena and Nexa offerings. Set to take effect in 2024, the surge is attributed to escalating commodity prices and overall inflation, resulting in heightened input costs. However, the exact magnitude of this price adjustment is yet to be disclosed. Maruti's diverse lineup, spanning 17 models, caters to various preferences and budgets, ranging from the affordable Maruti Alto K10 to the luxurious Maruti Invicto.
Hyundai
Hyundai, a key player in India's automotive landscape, has confirmed a price increase for its models starting January 2024. The surge is attributed to rising input costs, adverse exchange rates, and the upward trajectory of commodity prices. With a lineup featuring 13 models, including popular EVs like the Kona EV and Ioniq 5, Hyundai's pricing adjustment is poised to impact a broad spectrum of car enthusiasts. The price range spans from Rs 5.84 lakh to Rs 45.95 lakh, offering choices for diverse preferences.
Tata Motors
Tata Motors has joined the chorus, announcing a comprehensive price hike for both its internal combustion engine (ICE) and electric vehicle (EV) offerings from January 2024. While the model-wise extent of the increase remains undisclosed, Tata's current lineup boasts 10 models, including three EVs: Tata Tiago EV, Tata Tigor EV, and Tata Nexon EV. The range caters to varying needs, starting with the budget-friendly Tiago to the robust Safari.
Mahindra
In alignment with industry trends, Mahindra is gearing up to elevate the prices of its models, encompassing the all-electric XUV400 EV, from January 2024. The surge is attributed to rising input costs, with the quantum of the increase varying across models. Mahindra's diverse lineup, featuring 8 SUVs and 1 MPV, offers options for different preferences. From the affordable Mahindra XUV300 to the range-topping XUV700, the pricing landscape is set for adjustment.
Honda
Honda has also signaled a price hike for its models, including the recently launched Honda Elevate. While specific details on the extent of the increase are pending, Honda attributes this decision to escalating input costs. With three models in its existing India lineup, starting from the Honda Amaze at Rs 7.10 lakh and reaching up to the Honda City Hybrid at Rs 20.39 lakh, Honda caters to diverse consumer needs.
Volkswagen
The German automaker, Volkswagen, is poised to implement a price increase of up to 2 percent across its models from January 2024. Citing rising input and material costs as the driving factors, Volkswagen's lineup in India, featuring models like Virtus, Taigun, and Tiguan, offers a range of choices for consumers with prices spanning from Rs 11.48 lakh to Rs 35.17 lakh.
BMW
BMW India has confirmed a price hike of up to 2 percent across its entire range, including the new BMW i7 electric sedan, effective January 2024. Fluctuations in exchange rates and escalating input costs are the primary reasons cited for this adjustment. Boasting a lineup of 21 models, including 4 EVs, BMW caters to a premium segment, with prices ranging from Rs 43.50 lakh for the 2 series Gran Coupe to a substantial Rs 2.50 crore for the i7 electric sedan.
Audi
Luxury automaker Audi is set to join the price adjustment wave, implementing increases across all its models from January 2024. Rising input and operational costs are the driving forces behind this decision. With a diverse lineup of 15 models, including 4 EVs, Audi caters to the luxury segment. The Audi A4, priced at Rs 43.85 lakh, serves as an entry point, while the flagship Audi RS Q8 commands a substantial Rs 2.22 crore.
As we step into 2024, Indian car buyers should brace themselves for adjustments in their favorite automotive brands' price tags. The industry-wide surge is a response to the challenging economic landscape, marked by escalating input and operational costs. While the exact quantum of the increases remains undisclosed for some, it's evident that the automotive landscape in India is poised for a pricing transformation in the new year.