M&M hikes prices of passenger, commercial vehicles
12 November 2014
Mahindra & Mahindra (M&M) has hiked prices of its passenger and commercial vehicles by about one per cent, effective November, in an attempt to impact rising input costs.
The ex-showroom price hike would be in the range of Rs2,300-Rs11,500 depending on the model, the company said in a press statement.
''We have been holding back on price hikes for a while but now it has been necessitated to partly offset the impact of rising input costs,'' said Pravin Shah, chief executive, automotive division and international operations at M&M.
M&M's portfolio includes Quanto, XUV500, Scorpio, SsangYong Rexton and Bolero among others.
M&M's Farm Equipment Sector (FES) also has increased the prices of its tractors, effective November.
The increase is in the range of Rs6,000 to Rs10,000 depending on the model.
The price hike has been necessitated owing to increase in commodity prices and conversion costs, the company said in a separate statement.
A number of other manufacturers – both four wheelers and two wheelers - might also look at hiking prices, with announcements expected in the next couple of days.