India's largest car manufacturer Maruti Suzuki has announced a price hike of up to Rs 10,000 across its car range. The new rates will come into effect from October first week onwards. The company has attributed the price hike to the depreciating money.
"We have been wanting to raise the price for some time as our input costs went up severely, mainly on account of the weakening of the rupee. However, the market was not conducive. Now it has become inevitable," said Mayank Pareek, COO, Maruti Suzuki India (MSI).
The hike will range from Rs 3,000-10,000 and will vary based on the segment, models and fuel specifications.
Maruti follows a long line of auto brands that have bowed down to the tough market conditions caused by the falling rupee. Carmakers that have recently increased prices include Hyundai, Toyota, Tata, BMW, Audi, Mercedes and GM.