Passenger vehicles market leader, (MSIL) on Monday said it would increase the prices of select models by up to ₹20,000 effective this month.
The company said over the past few months, it had worked to mitigate the cost impact to the extent possible through cost reduction measures, but because of inflationary pressures, it has to pass on a portion to the customers.
“With inflationary burdens at elevated levels and the adverse cost environment enduring, the company is constrained to pass on a portion of the increased costs to the market, while continuing to ensure that the impact on customers is kept to the minimum extent possible,” MSIL said in a regulatory filing.
This is the second price hike announced by the company in the recent past — the first hike of up to ₹30,000 announced in August, was applicable to models across its portfolio.
Apart from MSIL, other car makers have also announced price hikes in the recent past. For instance, T announced a ₹25,000 price hike across its internal combustion engine (ICE) and electric vehicle (EV) range, effective September.
Hyundai Motor India had also announced another price revision for its passenger vehicle portfolio by up to 1 per cent effective this month.