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New Delhi, September 7 (IANS). Before the start of the festive season, on Monday, Maruti Suzuki, one of the country's top car companies, has increased the prices of its selected vehicles by up to Rs 20,000. This increase has come into effect from this month itself.

The company attributed this increase to rising inflationary pressure.

Maruti Suzuki said despite efforts to mitigate the impact through cost-cutting measures over the past few months, inflationary pressures and cost pressures remain difficult.

“Due to rising inflationary pressures and tight cost environment, the company is forced to pass on part of the increased costs,” Maruti Suzuki said in an exchange filing.

The company said it will continue to ensure that the impact of the price increase on customers is minimal.

However, India's largest passenger car maker Maruti Suzuki did not reveal in the filing the models whose prices have been increased, nor did it give information about the new prices of different variants.

Earlier in August, Maruti Suzuki had increased prices of its Arena and Nexa models by a range of Rs 2,500 to Rs 30,000, depending on the model and variant.

Additionally, Tata Motors Passenger Vehicles had also announced a price increase of up to Rs 25,000 across its passenger vehicle portfolio (which includes internal combustion engine and electric models) from September 1.

Additionally, Hyundai Motor India had also announced an increase in prices across its portfolio by up to 1 percent.

The price hike comes at a time when carmakers are facing sustained pressure from rising input costs, and are trying to balance rising costs in the passenger vehicle market and customer demand and purchasing power.

–IANS

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