India’s leading utility vehicle maker Mahindra & Mahindra has announced a price hike of up to Rs 26,500 starting from January 1, 2017. The company has stated the rise in raw material costs and freight costs as the reason behind the price hike.
Commenting on the price hike, Pravin Shah, Chief Executive Officer (Auto Division), Mahindra and Mahindra, said, “We plan to increase prices of our passenger and commercial vehicles in the range of 0.5 to 1.1 per cent from next month. Prices of passenger vehicles would go up in the range of Rs 3,000 to Rs 26,500 depending upon the model.”
The ex-showroom prices of its small commercial vehicles (up to 3.5 tonnes) would also increase in the range of Rs 1,500 to Rs 6,000 from January, he added. Justifying the reasons for the price hike, he said that input costs have been soaring due to the escalation of prices of various materials including precious metals. “Besides, the cost of fuel has also gone up leading to the increase in freight costs. Also, there has been an impact of changing regulatory requirements,” Shah added.
With this announcement, Mahindra joins several other manufacturers including Mercedes-Benz, Hyundai, Renault and Tata Motors who have announced a price hike from January 1, 2017.
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