Maruti Suzuki India, on Monday, said it would hike the prices of its vehicles to offset impact of adverse foreign exchange fluctuation and rising input costs.
“There is a lot of pressure on our margins due to foreign exchange fluctuation and rising input costs. We will be increasing the product prices within a week but the details are being worked out,” Maruti Suzuki India Chief Operating Officer (Marketing and Sales) Mayank Pareek told PTI.
Earlier in the day, the company had said that to counter the impact of adverse currency movement, it was targeting to reduce its forex exposure by nearly 65 per cent to $600 million by March, 2015, for which it was working with its vendors to reduce imports.
Besides, the company was looking out for new markets to increase exports of its products to mitigate the impact of unfavourable foreign exchange fluctuation.
The company’s plans to hike product prices come at a time when it is gearing up for the upcoming festive season with the launch of its all new Alto 800 next month.