An important update for all the people who are planning to get a new car next year is that the cars are going to be more costlier than now. Yes, you heard it right, car buyers will shell out more for their new ride. It is likely to happen from January 2024. This news came after more than four car makers announced their plans to increase the prices of their units. What are the factors leading automakers to raise prices? In this article, we have elaborated on this story and discussed comprehensively so be sticky with this page and go through it till the end. Scroll down the page.
Speaking of the factors that are leading automakers to raise the prices of their units, the automakers announced their plans because of overall inflation and cost pressure. India’s largest automaker, Maruti Suzuki India Ltd said that its cars would be costlier from January 2024. This announcement came on Monday when MSIL said that would increase prices for its cars because of cost pressure and overall inflation. Shift to the next section and read more details.
Another leading passenger automaker of India, Tata Motors Limited also announced its plan to increase the price of its models from next year. However, the carmakers have not divulged the extent of the price increase. Mahindra & Mahindra also joined the list of automakers that are going to increase the prices of their cars from January 2024. In the new year, almost all the leading automakers in India will hike the prices of their cars. Nevertheless, luxury car buyers will also need to dig deeper into their pockets. Audi India announced a price spike of up to 2 percent from January. A spokesperson for Mercedes-Benz India said the company was contemplating a hike in the prices of its cars in the new year.
All the carmakers claimed the reason behind the price hike plans is high-cost pressure due to overall inflation and costly commodity prices. In a regulatory filing, Maruti Suzuki India Ltd said, “The company has planned to increase the prices of its cars in January 2024 on account of increased cost pressure driven by overall inflation and increased commodity prices.” However, MSIL further added that the company makes maximum efforts to lower the cost of production. The price increase will vary across models, said MSIL. Stay tuned to this website for more details and further updates.