Automakers hike vehicle prices as production costs surge

A rise in the prices of raw material, including steel and semiconductor, has forced another round of price hikes in the auto industry. From Mercedes to Maruti Suzuki, from Hyundai to Hero MotoCorp, almost every automaker has announced a price hike.

Maruti Suzuki India, on Monday, announced an increase in the prices of its cars from July saying "it has become imperative to pass on some impact of additional cost to customers".

In its regulatory filing on June 21, the country's largest passenger car-maker said, "This is to inform you that over the past year the cost of the company's vehicles continues to be adversely impacted due to an increase in various input costs. Hence, it has become imperative for the company to pass on some impact of the above additional cost to customers through a price rise."