M&M to hike vehicle prices by up to Rs 26,500 from Jan
Homegrown auto major Mahindra & Mahindra plans to increase prices of its vehicles by up to Rs 26,500 from January as it looks to partially offset rising input costs.
"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," M&M Chief Executive (Auto Division) Pravin Shah said.
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 escalation of prices of various materials including precious metals.
"Besides, cost of fuel has also gone up leading to increase in freight costs. Also, there has been an impact of changing regulatory requirements," Shah said.