Auto major Mahindra & Mahindra (M&M) Wednesday said it will hike the price of its range of personal vehicles by up to Rs 36,000 across models with effect from July 1. "This price increase is due to the implementation of AIS 145 safety norms across all passenger vehicles in India," the company said in a BSE filing.
Mahindra said the SUVs that will take a substantial price increase are the Scorpio, Bolero, TUV300 and KUV100 NXT, while brands such as the XUV500 and Marazzo will increase prices marginally.
Implementation of AIS 145 Safety Norms from July 1, 2019, mandates the fitment of several safety features including driver airbag, seat belt reminder for driver and co-driver, rear parking sensors and an over-speedMahindra alert for the driver across all passenger vehicle models, the company added.
"At Mahindra, safety has been at the core of our product development process and we welcome the regulatory requirements relating to safety upgrades....However, the safety regulatory requirement has led to some cost increases. Consequently, we are taking a price hike across some of our passenger vehicles, effective July 1, 2019," M&M President - Automotive Sector Rajan Wadhera said. Shares of M&M were trading 1.13 per cent lower at Rs 618.90 apiece on BSE.