Mahindra & Mahindra (M&M) on Tuesday said it will hike prices of its entire range of passenger and commercial vehicles from next month in order to partially offset the impact of rise in input costs. Effective January 1, the company will increase the price of its range of passenger and commercial vehicles, across models, the Mumbai-based automaker said in a statement.
This has been necessitated due to the increase in commodity prices and various other input costs, it added. Details of price increase across different models will be communicated in due course, the automaker, which sells models like Thar and Scorpio, said.
Last week, Ford India had said it will increase prices of its vehicles across models by up to 3 per cent from January 1 to offset the rising input costs. Earlier, the country's largest carmaker Maruti Suzuki India had announced that it would increase prices of its vehicles from January.
The company had also stated that the price increase would vary for different models, without specifying details. In light of the festive season in November Mahindra has recorded positive growth over the month of October, 2020. Under the category of Utility Vehicles, the sales figures stood at 17,971 units for the previous month; thereby recording an upward increase by 24 per cent as against in November 2019 when sales were 14,161 units. The Passenger Vehicle division also observed a scalable rise of 24 per cent with 18,212 unit sales in November 2020.
(With input from agencies)