(Reuters) – Maruti Suzuki India Ltd will raise prices for some car models to mitigate the impact of rising costs, the country’s largest automaker by market value said on Monday.
The move comes after rival Mahindra and Mahindra Ltd increased prices of its personal and commercial vehicles by 1.9% this month due to higher commodity prices and input costs.
Indian automakers were already under pressure due to costs and weak demand when the pandemic dealt a blow last March.
Since then, carmakers have resumed operations and seen demand return during India’s festive season in October-November, but have warned of demand uncertainties ahead.
Maruti’s price hikes of up to 34,000 rupees ($464) will take effect from Monday, it said, without specifying the planned increases for individual models.
Last January, Maruti increased prices on some car models by up to 4.7%.