Maruti Suzuki announced that it would hike prices across its range of models including the recently launched Baleno, starting 1st January, 2016. Maruti Suzuki cited challenging market conditions, rise in administrative and component costs along with foreign exchange fluctuations as reasons to justify the hike.
The price hike on January 1st 2016 follows the previous hike that was announced by the company in August 2015 when all models except the recently launched S-cross saw a hike between Rs. 3,000 to Rs. 9,000. Even though Maruti has not revealed the individual break up of the hike till now, the S-cross which is the most expensive car in the company’s line is reported to receive a maximum price hike of Rs. 20,000.
The hike by Maruti Suzuki India Limited follows the price hike by other automakers such as BMW, Mercedes Benz, Hyundai and Toyota who will be increasing the prices for their entire range by up to 3% from 1st January 2016. This price hike will help the company to clear previous stock and inventory. Maruti has recently launched a special edition of the S-cross christened the Premia with which it hopes to push sales of the cross over which has performed less than expected.