Maruti Suzuki, the largest car manufacturer in India has announced a 1-3 percent price hike across its car portfolio in light of the fluctuations in the Indian economy and the rising cost of production. The price hike comes into effect from January 16, 2013.
The price hike of 1-3 percent translates into an increase upto Rs 20,000 for the Maruti Suzuki car models. The company has attributed the economic conditions as well as the rising input costs borne for production as the major reason for the price increase. As part of the losses, the carmaker has a 5.41 percent fall in the net profits for the second quarter of the financial year 2012-13.
Among other reasons for the hike in car prices, the violence at the Manesar facility of the automaker in 2012 which resulted in low production and low sales was also mentioned as a contributing factor.
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