Companies state that rising price of commodities is the primary reason.
Citing the rising demand in commodities, especially steel, carmakers like Maruti Suzuki, Tata, Mahindra and Audi have announced price hikes from January 1, 2024.
Audi
German luxury brand Audi has announced a uniform 2 percent price hike across its model range, citing rising input costs. The company’s current line-up consists of the A4, A6, A8 L sedans, Q3, Q3 Sportback, Q5, Q7, Q8 SUVs, the S5 Sportback sportscar, and the Q8 e-tron, Q8 Sportback e-tron and the e-tron GT electric cars.
Maruti Suzuki
The brand has been leading the sales charts for years now and has stated that prices will increase due to rising production costs, and that the hike will vary from model to model. Maruti Suzuki currently sells the Alto, Baleno, Brezza, Celerio, Ciaz, Dzire, Eeco, Ertiga, Grand Vitara, Ignis, S Presso, Swift, Wagon R, XL6, Fronx, Invicto and the Jimny.
Mahindra
Mahindra has also stated that it intends to raise the price of vehicles from January 2024, due to inflation and the rising cost of commodities. The exact details, though, will be announced at a later date. The brand currently sells the XUV300, XUV700, Bolero, Bolero Neo, Scorpio N, Scorpio Classic, Marazzo, Thar and the XUV400 EV.
Tata
Tata Motors has announced that it has plans to hike prices for passenger vehicles, which includes its EV range. The brand has not shared any details regarding the price hike, but has said that it will make an announcement with more details shortly. The brand currently retails the Altroz, Harrier, Nexon, Nexon EV, Punch, Safari, Tiago, Tiago EV, Tigor and the Tigor EV.
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