Maruti Suzuki today announced that starting today, the prices of EECO (all non-cargo variants) will be increased by Rs 8,000 due to the introduction of the passenger airbag.
"This is to inform you that effective from today i.e. 30th November 2021, the company announced a price increase of Rs 8000/- in EECO (all non-Cargo variants) owing to the introduction of Passenger Airbag," the company said.
The auto giant in September had announced to increase the prices of its vehicles by 1.9 per cent on an average across models. The company decided to increase the prices as the vehicle costs were adversely impacted over the last year due to an increase in various input costs.
Also read: Maruti Suzuki sees adverse impact of semiconductor shortage on production in November
The subdued auto sales, coupled with high input costs and the global issue of semiconductor chips shortage, had forced Maruti to increase prices in April and January this year as well. In April, the price hike was 1.6 per cent ex-showroom across models, while in January there was an increase in select models of Rs 34,000.
The supply constraint of electronic components due to the semiconductor shortage has led to an adverse impact on Maruti's production in November.
"Owing to a supply constraint of electronic components due to the semiconductor shortage situation, the company is expecting an adverse impact on vehicle production in November'21 in both Haryana and its contract manufacturing company, Suzuki Motor Gujarat Private Limited (SMG) in Gujarat," Maruti had said on October 30.
Terming the current situation as quite dynamic, the company said it expects its total vehicle production volume across both locations to be around 85 per cent of the normal production.
In for July-September quarter, Maruti Suzuki had reported a steep 65 per cent year-on-year decline in its net profit at Rs 475.3 crore as the global shortage in the supply of electronic components and higher commodity prices hit the company hard. Maruti Suzuki had said it could not produce an estimated 1,16,000 vehicles during the quarter owing to the electronics component shortage, mostly corresponding to the domestic models.
Meanwhile, the Maruti Suzuki share declined by Rs 94.50 or 1.32 per cent to Rs 7,055 on the NSE today.
Also read: Maruti Suzuki to increase prices from today; check details