Utility vehicle major Mahindra & Mahindra (M&M) has announced a price hike of up to 3 percent across its product range, effective January.
The company cited higher input costs for the decision to increase prices. Commenting on the decision, Rajan Wadhera, President, Automotive Sector, Mahindra & Mahindra said, “We have been holding back on price hikes and absorbing the higher input costs for a while; but with the increase in commodity prices, we will have to take a price increase.”
Mahindra is the sixth automaker to announce an upward revision in its prices after Skoda, Isuzu, Toyota, Tata Motors and Volkswagen.
Most automakers attributed the price increase to rising cost of essential input materials like aluminum, casting steel and other metals.
In November sales, Mahindra lost its position as the third-largest Passenger Vehicle-maker to Tata Motors. The company sold a total of 16,030 units of PVs in November 2017, an uptick of about 21 percent from 13,198 in the same period, last year.