Maruti Suzuki, Hyundai, and Others Announce Price Hike From January 2024

Manufacturers are citing rising input costs and surging commodity prices as the reason for the price hike.

Rising input costs and surging commodity prices have compelled automotive manufacturers to raise the prices of their cars and SUVs in India. This price hike will come into effect from January 1, 2024. 

Mahindra & Mahindra

One of India’s biggest automotive manufacturers has announced a price hike for its SUVs and commercial vehicles. The brand has mentioned that the price hike will vary depending on the product and will come into effect from January 1, 2024. It also states that it has tried to absorb as much cost as it can but a portion of it will be passed on to the customers. Mahindra currently sells the XUV300, XUV400 EV, XUV700, Scorpio N, Scorpio Classic, Bolero, Bolero Neo, Thar and Marazzo along with a slew of commercial vehicles including pickup trucks, three-wheelers, trucks and buses. 

Maruti Suzuki

Maruti Suzuki is also raising the prices of its cars and SUVs due to inflation and rising commodity prices. Like Mahindra, Maruti Suzuki’s price hike will also vary depending on the model. The brand currently has the Alto K10, S Presso, Celerio, Wagon R, Ciaz, Brezza, Swift, Dzire, Baleno, Fronx, Eeco, Ertiga, XL6, Jimny, Grand Vitara and Invicto in its portfolio. 

Hyundai India

Hyundai is also all set to hike the prices of all its models from January 1, 2024, citing rising input costs, adverse exchange rates and an increase in commodity prices. While Hyundai says it will be a minor price hike, it hasn’t mentioned how much it will increase the prices. Hyundai sells the Grand i10 Nios, Aura, Exter, i20, Venue, Verna, Creta, Alcazar, Tucson and Ioniq 5 in India. Furthermore, the Creta facelift is set to debut in India on January 16, 2024. 

Tata Motors

Tata Motors has announced that it will also increase the prices of its passenger as well as commercial vehicles from January 1, 2024. While it hasn’t mentioned how much increase the prices of passenger vehicles will receive, prices for commercial vehicles will be hiked by up to three per cent. 

MG Motor India

MG will also increase the prices of its cars and SUVs in India from January 1, 2024. Like all other manufacturers, MG is also citing rising input costs due to inflation and increased commodity prices. The brand sells the Comet, Astor, Hector, Hector Plus and Gloster in India. Recently, MG’s parent company SAIC entered a joint venture with JSW Group in India where the latter will acquire a 35 per cent stake in MG. 

Audi India

The German automaker has announced that it will increase the prices of all its products by up to two per cent owing to rising input and operational costs. Audi’s product portfolio in India consists of the A4, A6, A8 L, Q3, Q3 Sportback, Q5, Q7, Q8, S5 Sportback, RS5 Sportback, RS Q8, Q8 e-tron and e-tron GT. 

BMW India

BMW will also hike prices by up to two per cent across its model line-up from January 1, 2024. BMW currently sells the 2 Series Gran Coupe, 3 Series Gran Limousine, M 340i, 5 Series, 6 Series, 7 Series, X1, X3, X4, X5, X7, M2, M5, M8, iX, iX1, i4 along with Mini, Mini Electric and Countryman.

Citroen India

Citroen has also announced that it will hike prices by 2.5 to 3 per cent, depending on the model. This price hike will come into effect from January 2024 and the brand attributes this to various market factors. Citroen has the C3, eC3, C3 Aircross and C5 Aircross in its portfolio in India.

Volkswagen India

Volkswagen says it will hike the prices across its model range by up to two per cent, effective January 2024. The German carmaker also said the prices have been hiked due to increasing input and material costs. VW sells the Virtus, Taigun and Tiguan in India.

Mercedes-Benz

Like all other manufacturers, Mercedes-Benz will also hike prices for its models effective from January 1, 2024. However, only select models will see a price increase by up to two per cent. Mercedes-Benz says the prices have been increased in lieu of increasing input costs and inflation. The German carmaker also mentioned that the GLS and the Maybach S 680 will see a price hike of ₹2.60 lakh and ₹3.40 lakh, respectively.