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Maruti Suzuki, JSW MG Motor hike automobile prices following Hyundai India

India's leading carmaker Maruti Suzuki and smaller competing JSW MG Motor on Friday said they will trek automobile costs to deal with rising raw material and functional costs, joining Hyundai Motor India.

Maruti prepares to hike prices by approximately 4%, depending upon the model, while JSW MG Motor - a joint endeavor in between SAIC Motor and JSW Group - plans to trek costs by as much as 3%. throughout products.

Both will work January 2025.

Indian automakers are grappling with higher expenses from. rising international product rates, high import responsibilities on raw. products, and disruptions in supply chains.

Lots of carmakers, like Maruti, have also fought with. slowing sales as need for brand-new cars has cooled after succeeding. years of rising sales.

Maruti's shares rose as much as 1.7% after the announcement,. its 2nd one this year. They closed 1.2% greater on Friday. The. company had treked its cars and truck rates by 0.45% in January this year.

Maruti is India's greatest carmaker, with a market share of. about 42%. MG Motor accounts for about 1% of the passenger. automobile market.

Freshly listed Hyundai India, the country's second-largest. carmaker by market share, stated on Thursday it would raise costs. throughout its designs by as much as 25,000 rupees

(source: Reuters)