India's largest car manufacturing company, Maruti Suzuki India Limited plans to increase price for its all models within a week. The reason why Maruti thinks so is in order to compensate on the impact of adverse foreign exchange fluctuation and rising input costs. Moreover, the consortium also plans to reduce imported materials, by 65% to $600million by 2015, which are currently used to mold Maruti vehicles.
â€œThere is a lot of pressure on our margins due to the foreign exchange fluctuation and rising input costs. We will be increasing product prices within a week, but the details are being worked out,â€ said Maruti Suzuki India Chief Operating Officer of Marketing and Sales Department, Mayank Pareek.
At present Maruti Suzuki sells a range of four wheelers which are priced between Rs. 2.04 lakh and Rs. 17.5 lakh (ex-showroom Delhi).
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