Maruti Suzuki increases prices by 1.1% across models from today

Maruti Suzuki on Monday announced 1.1 per cent increase in prices of all its vehicles from today. 

"An estimated weighted average of increase across models stands at around 1.1 per cent. This indicative figure is calculated using Ex Showroom prices of models in Delhi and will come into effect from 16th January, 2023," the carmaker said in a stock exchange filing. 

At 9:55 am on Monday, the company's scrip on BSE was trading 0.4 per cent lower at Rs 8,417.

Last week, Maruti Suzuki unveiled two new products -- Jimny and Fronx -- in India in a bid to secure top position in the sports utility vehicle segment and regain 50 per cent market share in the country's passenger vehicles market.

With semiconductor shortage issues gradually getting tapering off, the company expects supply of its models, specially SUVs which have large pending orders, to get better in the ongoing quarter.

The company's medium-term goal has been to get back 50 per cent market share and secure the number one position in the SUV segment, Maruti Suzuki India MD and CEO Hisashi Takeuchi said while unveiling the products here at the Auto Expo 2023.

Maruti Suzuki India Ltd reported a 9 per cent decline in total wholesales at 1,39,347 units in December 2022 compared to the year-ago month.

The company had clocked a total sales of 1,53,149 units in the same month in 2021, Maruti Suzuki India (MSIL) said in a statement.