Buyers Can Expect Hike in Prices For New Cars & SUVs From Jan 2024

India's biggest automobile companies Maruti Suzuki & Tata, have planned to hike their car prices from January 1, 2024. Audi has also announced a price hike of up to 2%, and other automakers are also expected to follow suit. The trigger for hike in prices is not due to changes in taxes. The main reason has been cited as the increase in steel prices.

Maruti Suzuki has cited increased cost pressure due to overall inflation and increased commodity prices. The hike in prices for Maruti will vary from model to model. Tata Motors has announced that it will hike prices for passenger vehicles including electric vehicles. They have not officially disclosed any reason for their models' price hike from Jan 2024.

German luxury brand Audi has announced a uniform 2% hike across its model range. This includes SUV models like Q5, Q7, Q8 and the e-tron GT electric cars.