Price Hike Incoming For Maruti, Hyundai, Tata, And Others In 2024

Rising input and operational costs have been cited as the reason for the price hike

As the year 2023 comes to a close, several car brands including Maruti, Hyundai and Tata have announced a price hike for their models, effective January 2024. Let's take a closer look at what these carmakers have to say about the impending price increases.

Maruti Suzuki

Towards the end of November 2023, Maruti had announced that it will be initiating a price hike across both of its Arena and Nexa offerings, effective 2024. As per the automaker, rising commodity prices and overall inflation have resulted in increased input costs, thereby leading to the price increment. That said, Maruti is yet to announce the quantum of the price hike.

Maruti’s current lineup comprises a total of 17 models, including both Arena and Nexa offerings. Their prices range from Rs 3.99 lakh for the Maruti Alto K10 to Rs 28.42 lakh for the Maruti Invicto.

Hyundai

Hyundai has confirmed that it will increase the prices of its cars from January 2024 due to rising input costs, adverse exchange rates, and increasing commodity prices.

Hyundai’s existing India lineup includes 13 models, including two EVs: the Kona EV and Ioniq 5. In India, Hyundai’s range is priced between Rs 5.84 lakh and Rs 45.95 lakh.

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Tata

Tata Motors has also announced its decision to raise the prices of its models, including all its ICE (internal combustion engine) and EV (electric vehicle) offerings, from January 2024. The Indian marque is yet to announce the model-wise quantum of the price hike.

Tata’s current lineup of cars include 10 models, which also includes 3 EVs: Tata Tiago EV, Tata Tigor EV, and Tata Nexon EV. Tata’s lineup starts with the Tiago, which starts at Rs 5.60 lakh, and is topped off by the Safari, which costs up to Rs 27.34 lakh.

Mahindra

Mahindra models, including the all-electric XUV400 EV, are set to become more expensive from January 2024. Like other manufacturers, Mahindra attributes the price hike to rising input costs as a major factor. The quantum of price hike will vary depending on the model chosen. Mahindra currently retails 8 SUVs and 1 MPV in India. The Mahindra XUV300 is the most affordable Mahindra SUV, starting at Rs 7.99 lakh.  Meanwhile, the prices for its range-topping SUV, the Mahindra XUV700, go up to Rs 26.57 lakh.

Honda

Honda will also increase the prices of its models, including the recently launched Honda Elevate. The details of the price hike, specific to each model, will be announced later. Honda has also cited rising input costs as the reason for the increase. 

Honda’s existing India lineup includes three models: the Honda City (both in petrol and hybrid), Honda Amaze, and Honda Elevate. Honda’s India lineup starts from the Amaze, which is priced from Rs 7.10 lakh, and goes up to the Honda City Hybrid, which has a maximum price of Rs 20.39 lakh.

Volkswagen

The German automaker, Volkswagen, is also going to increase the prices of its models by up to 2 percent, effective from January 2024. Volkswagen has cited the rising input and material costs as the reasons for the incoming hike.

In India, Volkswagen retails three models: Virtus, Taigun, and Tiguan, all ranging between Rs 11.48 lakh and Rs 35.17 lakh.

BMW

BMW India has confirmed that its cars are set to become expensive by up to 2 percent from January 2024. This price hike will be applicable across the range, including the new BMW i7 electric sedan. As per the carmaker, fluctuations in exchange rates and rising input costs are the few major reasons for the hike. 

BMW’s existing India lineup consists of 21 models, including 4 EVs. BMW’s India range starts with 2 series Gran Coupe, priced at Rs 43.50 lakh and goes up till i7 electric sedan, which costs up to Rs 2.50 crore.

Audi

The luxury automaker Audi is also set to increase the prices of all its cars, effective from January 2024. The main reasons cited for this decision are the rising input and operational costs.

In India, Audi retails a total of 15 models, 4 of which are EVs. The Audi A4 is the most affordable Audi in the market, priced at Rs 43.85 lakh. The Audi RS Q8 is the carmaker’s flagship model in India, priced at Rs 2.22 crore.

Other automakers such as Renault, Nissan, Kia, and Jeep have not announced any price hikes yet, but they are expected to follow the suit in the coming days.