Utility vehicle major Mahindra & Mahindra (M&M) on Wednesday said it will increase prices of its passenger and commercial vehicles by up to 3 percent from January.
“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,” M&M President – Automotive Sector Rajan Wadhera said in a regulatory filing. The company sells a range of vehicles, including SUVs Scorpio and XUV500, in the country. Yesterday, Maruti Suzuki India said it will raise prices of its entire range by up to 2 per cent from next month.
Various other automakers such as Tata Motors, Ford, Toyota Kirloskar Motor, Honda Cars India, Skoda and Isuzu have also announced their decision to hike prices from early next year.