Automakers Maruti Suzuki, Mahindra & Mahindra and Audi India on Monday announced plans to hike the prices of their passenger vehicles in January 2024 citing reasons, including cost pressure driven by overall inflation and increased commodity rates.

Besides, Tata Motors and Mercedes-Benz India are mulling increasing the prices of their models from next month.

Maruti informed the stock exchanges that “while the company makes maximum efforts to reduce cost and offset the increase, it may have to pass on some increase to the market. This price increase shall vary across models”.

The company, however, did not specify the amount of the proposed hike.

India’s No. 1 car maker had last hiked prices by 0.8 per cent across its models in April.

Mahindra and Mahindra CEO (automotive division) Nalinikanth Gollagunta said that based on the inflation and commodity prices outlook, “we intend to take a price increase for our automotive products effective January 2024”. The details for which will be announced closer to the time, he said in a statement.

Tata Motors said it is also considering increasing the prices of its passenger and electric vehicles in January 2024.

The company also did not specify the quantum of the proposed hike. “We are considering a price hike across our passenger and electric vehicles in January 2024. The extent of the hike and exact details will be announced in a few weeks,” a Tata Motors spokesperson said.

Earlier in the day, German luxury car maker Audi said it will hike the prices of its vehicles in India by up to 2 per cent from January, citing rising input and operational costs.

The price hike will be across the model range, Audi India said in a statement.

“Due to rising supply-chain-related input and operational costs, we have effected a price correction across our model range, maintaining the brand’s premium price positioning,” Audi India head Balbir Singh Dhillon said in a statement.

He added that “the price correction aims to ensure sustainable growth for Audi India and our dealer partners, and we will ensure that the price hikes impact is as minimal as possible for customers”.

When contacted, Mercedes-Benz India said it is also mulling price hikes from January.