Mahindra & Mahindra said Thursday it has increased the prices of its entire model range by 2.5 percent with immediate effect.
This will result in an increase of Rs 10,000 to Rs 63,000 in ex-showroom prices across the range depending on the model and variant, the homegrown auto major said in a statement.
The price revision is the result of a continued rise in the prices of key commodities such as steel, aluminum, palladium, etc., it added.
“The company has taken the necessary initiatives to partially offset the unprecedented rise in raw material prices to mitigate the impact, by passing a minimal percentage of the cost increase to customers through a price review,” M&M noted.
The company, which sells models such as Thar and XUV700, is working with its sales and dealer network to properly communicate the new prices to customers, it added.
Earlier this month, the country’s largest automaker, Maruti Suzuki India (MSI), also announced a price hike for its entire model range amid rising input costs. The company has yet to come out with the amount of the price hike.
Over the past year, the cost of the company’s vehicles continued to be negatively impacted by the rise in various input costs, MSI had noted in a registration application.