Prices for New Cars and SUVs to Increase From January 2024

Due to the escalating costs of commodities, particularly steel, automakers including Maruti Suzuki, Tata Motors, Mahindra, and Audi have declared price increases effective January 1, 2024.

Several automakers have declared price hikes starting January 1, 2024, attributing the decision to increasing production costs and the surge in commodity prices, particularly steel. Here are the details:

 Audi

The German luxury brand Audi is implementing a uniform 2 percent price increase across its model range, which includes the A4, A6, A8 L sedans, Q3, Q3 Sportback, Q5, Q7, Q8 SUVs, the S5 Sportback sportscar, and the Q8 e-tron, Q8 Sportback e-tron, and the e-tron GT electric cars.

Maruti Suzuki

The country’s largest carmaker, Maruti Suzuki, is citing rising production costs for variable price hikes across its diverse model lineup, including the Alto, Baleno, Brezza, Celerio, Ciaz, Dzire, Eeco, Ertiga, Grand Vitara, Ignis, S Presso, Swift, Wagon R, XL6, Fronx, Invicto, and the Jimny.

Mahindra

Mahindra intends to raise vehicle prices from January 2024 due to inflation and escalating commodity costs. The brand’s current offerings include the XUV300, XUV700, Bolero, Bolero Neo, Scorpio N, Scorpio Classic, Marazzo, Thar, and the XUV400 EV.

Tata

Tata Motors plans to increase prices for passenger vehicles, including its EV range. Specific details regarding the price hike are yet to be disclosed. Tata’s current lineup comprises the Altroz, Harrier, Nexon, Nexon EV, Punch, Safari, Tiago, Tiago EV, Tigor, and the Tigor EV.

Honda

Honda India is set to hike prices for all four-wheelers from January 2024 due to rising production costs. The exact amount of the price hike will be revealed by the end of the month. Honda’s current offerings in India include the City, Amaze, and Elevate SUV.

MG

MG has announced a price increase on all models from January 2024, citing rising production costs. The specific details of the price hike are yet to be disclosed. MG’s current lineup in India includes the Comet EV, ZS EV, Hector, Astor, and the Gloster.

Hyundai

Hyundai India will raise prices for all its vehicles from January 1, 2024, citing rising input costs and exchange rates. The exact percentage of the price hike has not been specified. Hyundai’s lineup includes the Alcazar, Aura, Creta, Exter, Grand i10 Nios, i20, Ioniq 5, Kona electric, Venue, Verna, and Tucson.

BMW

BMW India will implement a 2 percent price hike across its model range from January 1, 2024, citing rising input costs and other factors. The BMW lineup in India includes models like the 2 Series Gran Coupe, 3 Series Gran Limousine, M 340i, 5 Series, 6 Series, 7 Series, X1, X3, X5, X7, Z4, M4 Coupe, X3 M40i, X4 M40i, M5, M8 Coupe, XM, iX1, i4, i7, and iX.

Citroen

Citroen India will increase prices across its model range from January 1, 2024, with the hike ranging from 2.5-3 percent. The Citroen lineup includes the C3, eC3, C3 Aircross, and the C5 Aircross.

Volkswagen

Volkswagen India will impose a uniform 2 percent price hike on its model range, including the Taigun, Tiguan, and Virtus, from January 1, 2024, due to the rising cost of commodities.

Skoda

Skoda will increase the price of its models, including the Slavia sedan, Kushaq, and Kodiaq SUVs, by 2 percent from January 1, 2024, citing the increasing cost of commodities.

Mercedes-Benz

Luxury carmaker Mercedes-Benz will hike prices of select models by up to 2 percent from January 1, 2024. The specific models receiving the price hike range from Rs. 2.6 lakhs for the GLS SUV to Rs. 3.4 lakhs for the top-end Mercedes-Maybach S 680.