Maruti Suzuki India, the country’s largest car manufacturer, on Thursday increased the prices of its vehicles by up to Rs 6,100, PTI reported. A representative from the company said it had to increase prices in an attempt to offset the rise in commodity and distribution costs as well as the “adverse foreign exchange rates”.
Earlier on Thursday, the Indian rupee hit a new record low of 70.32 against the United States dollar.
The price rise decision follows similar measures taken by other car manufacturers in the country including Mahindra & Mahindra, Tata Motors and Honda India, according to PTI.
The new rates, which vary across models, are effective from today. The manufacturer sells vehicles from the entry-level to the mid-level sedan range that are priced between Rs 2.51 lakh and Rs 11.51 lakh.
Earlier in August, the firm’s senior executive director RS Khalsi had said it was evaluating the impact of the increase in commodity and fuel prices.
German luxury car manufacturer Mercedes Benz also announced increase on upto 4% in the rates of its vehicles in India effective from September. In April, luxury automobile manufacturers including Audi, JLR and Mercedes-Benz had increased their product rates by Rs 1 to Rs 10 lakh to accommodate an increase in custom duties.