Automaker Mahindra & Mahindra (M&M) on Thursday announced a price hike of 2.5 per cent on its range of vehicles. The firm explained that the hike would result in an increase of Rs 10,000 to Rs. 63,000 on the ex-showroom prices across the range depending upon the model and the variant. Mahindra & Mahindra stated that this price hike is effective from today, April 14, 2022.
The company, in an official statement, said that the price revision is a result of a continuous increase in prices of key commodities such as steel, aluminium, palladium, etc.
The carmaker added that it has taken necessary initiatives to partially offset the unprecedented hike in commodity prices to absorb the impact, passing a minimal percentage of cost increase to customers through a price revision.
"The company is working with its sales and dealer network to communicate the new prices to their customers appropriately," noted Mahindra & Mahindra
M&M is not the only firm that is facing the crunch of rising input costs.
Earlier in April, the country's largest carmaker Maruti Suzuki India (MSI) had said that it would increase the prices of its entire model range this month due to a rise in input costs.
Maruti Suzuki India announced that over the past year, the cost of its vehicles continues to be adversely impacted due to an increase in various input costs. "Therefore, it has become imperative for the company to pass on some impact of the above additional costs to customers through a price hike," the company said in a regulatory filing.
MSI has already hiked vehicle prices by around 8.8 per cent from January 2021 to March 2022 owing to constant increase in input costs. Maruti has planned a price rise in April 2022 and the increase shall vary for different models. The company is yet to disclose the quantum of the proposed price hike.
Also read: Maruti Suzuki to increase vehicle prices this month due to rise in input costs