Maruti Suzuki to hike car prices by up to Rs20,000 from January, others to follow

Maruti Suzuki India Ltd, the country's largest carmaker, today announced an increase in the prices of its vehicles across all models, which could go up to Rs20,000 in certain models, from January 2013.

"There will be a hike in the prices of our products. Quantum will vary depending on models, but it can be up to Rs20,000," Maruti Suzuki India chief operating officer (marketing and sales) Mayank Pareek said.

General Motors also today announced a 1 to 3 per cent increase in its cars made in India beginning January.

While Maruti Suzulki said currency fluctuations are increasing pressure on its margins, General Motors attributed it to high input costs.

Other carmakers like Toyota Kirloskar Motor, Honda Cars India and Volkswagen India also said they would hike prices by 1-2 per cent across all models.

While details are yet to be worked out, almost all auto firms are expected to hike prices in the New Year.