Mahindra & Mahindra Ltd. said it will increase the price of its passenger and commercial vehicles by Rs 5,000 to Rs 73,000 from April to partially offset the impact of rising input costs.
The price of the company's vehicles will go up by 0.5 percent to 2.7 percent from next month due to the price hike, the company said in a statement.
"This year has seen record-high commodity price increases. Further there are regulatory requirements effective April 1 that have also led to cost increases. While we have made efforts to reduce our costs, it has not been possible to hold back the price increase," M&M President for Automotive Sector Rajan Wadhera said in the statement. Consequently, the company is taking a price increase from April 1, he said.
The company sells various utility vehicles ranging from newly-launched compact SUV XUV300 to premium SUV Alturas G4. M&M also sells various commercial vehicles including Supro and Jeeto in the domestic market.
Earlier this week, French car maker Renault had announced increase in price of Kwid range in India by up to 3 percent from April.
Last week, Tata Motors Ltd. had also announced increase in price of its passenger vehicles by up to Rs 25,000 from April on account of rising input costs and external economic conditions.
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