New car, SUV prices to be hiked from January 2024

    Companies state that rising prices of commodities is the primary reason.

    Published On Dec 13, 2023 11:34:00 AM

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    New car, SUV prices to be hiked from January 2024
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    Citing the rising prices of commodities, especially steel, carmakers like Maruti Suzuki, Tata Motors, Mahindra and Audi have announced price hikes from January 1, 2024.

    Audi 

    German luxury brand Audi has announced a uniform 2 percent price hike across its model range. The company's current line-up consists of the A4, A6, A8 L sedans, Q3, Q3 Sportback, Q5, Q7, Q8 SUVs, the S5 Sportback sportscar, and the Q8 e-tron, Q8 Sportback e-tron and the e-tron GT electric cars.

    Maruti Suzuki

    The country's largest carmaker too cited the rising production costs for a bump in its prices, adding that the hike will vary from model to model. Maruti Suzuki currently sells the Alto, Baleno, Brezza, Celerio, Ciaz, Dzire, Eeco, Ertiga, Grand Vitara, Ignis, S Presso, Swift, Wagon R, XL6, Fronx, Invicto and the Jimny.

    Mahindra 

    Mahindra has also stated that it intends to raise the price of vehicles from January 2024 due to inflation and the rising cost of commodities. The exact details, though, will be announced at a later date. The brand currently sells the XUV300, XUV700, Bolero, Bolero Neo, Scorpio N, Scorpio Classic, Marazzo, Thar and the XUV400 EV.

    Tata

    Tata Motors has announced that it has plans to hike prices for passenger vehicles, which includes its EV range. The brand has not shared any details regarding the price hike, but has said that it will make an announcement with more details soon. The brand currently retails the Altroz, Harrier, Nexon, Nexon EV, Punch, Safari, Tiago, Tiago EV, Tigor and the Tigor EV.  

    Honda

    Honda India has announced that it will hike prices of all four wheelers from January 2024, due to the rising production costs. The company has not yet specified that exact amount by which the prices will be hiked by, but have said that they will reveal the details by the month end. Honda currently sells 3 vehicles in India, the City, Amaze and Elevate SUV

    MG 

    MG has recently entered into a joint venture with the JSW group in order to increase gowth in India. The company has recently announced that they will raise prices on all models from January 2024, once again owing to rising production costs, however it has not shared the exact details of the price hike. MG currently sells the Comet EV, ZS EV, Hector, Astor and the Gloster in the country. 

    Hyundai 

    Hyundai India has announced that due to rising input costs and exchange rates, prices of all vehicles will be hiked from January 1, 2024, although the company has not stated by how much pices will be hiked by. The brand currently sells the Alcazar, Aura, Creta, Exter, Grand i10 Nios, i20, Ioniq 5 , Kona electric, Venue, Verna and Tucson in India. 

    BMW

    BMW India has announced that the brand will hike prices across its model range by 2 percent from January 1, 2024 citing rising input costs and other reasons. The brand currently has the 2 Series Gran Coupe, 3 Series Gran LimousineM 340i, 5 Series, 6 Series, 7 Series, X1, X3, X5, X7, Z4, M4 Coupe, X3 M40i, X4 M40i, M5, M8 Coupe, XM, iX1, i4, i7 and iX  on sale in India. 

    Citroen

    Citroen India has announced that it will hike prices across its model range from January 1, 2024. The company has said the hike is due to various market factors and will range from 2.5-3 percent. The brands currently has the C3, eC3, C3 Aircross and the C5 Aircross on sale in India. 

    Volkswagen

    Volkswagen India has announced that from Jaunary 1, 2024, its model range which consists of the Taigun, Tiguan and Virtus will get a uniform 2 percent price hike.The company has stated that the price hike is due to the rising cost of commodities. 

    Skoda

    Skoda currently has 3 models on sale in India, the Slavia sedan, Kushaq and Kodiaq SUVs.The Company has announced that from January 1, 2024, it will hike the price of these models by 2 percent due to the increasing cost of commodities.  

    Mercedes-Benz

    Luxury carmaker Mercedes-Benz has announced that it will hike prices of  select models by up to 2 percent from January 1, 2024.The company has no specified which models will recieve the price hike, but has mentioned that it will range from Rs. 2.6 lakhs for the GLS SUV to Rs. 3.4 lakhs for the top-end Mercedes-Maybach S 680.

    Volvo

    Volvo has announced a price hike of 2 percent across its lineup in India from January 1, 2024. The company currently sells the C40 Recharge, XC40 Recharge, XC90, XC60, and the S90 in India. 

    Nissan 

    Nissan India has announced that from Jaunary 1, 2024, it will hike the price of the Magnite SUV due to rising input costs and inflation.

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