Mahindra & Mahindra, one of the country’s major automobile company, announced that it has raised prices of its entire range of vehicles from Rs 7000 to Rs. 15,000 in comparison to last week. The hike on prices by 1.5 to 2 per cent on all its vehicles is due to higher commodity costs. Again, higher input costs are said to be the driving forces behind the hike.
“We have hiked prices last week by 1.5 to 2 per cent on all our vehicles due to higher commodity costs. The price hike will vary between Rs. 7000/- to Rs.15,000/- on different models,” Mahindra President (Automotive and Farm Sectors) Pawan Goenka said.
The company sells utility vehicles like Scorpio and Bolero along with three wheeler commercial vehicles. It also manufactures and sells sedan Logan. This is the second price increase taken by the company in 2011. Earlier, in January this year Mahindra & Mahindra had raised vehicle prices by about 1.5 per cent.
From this month, 13 cities across the country have switched over to Bharat Stage IV emission norms. Following this, along with the pressure on the auto industry due to rising input costs many car makers, including Hyundai General Motors and Toyota, including Tata Motors and Maruti Suzuki India have increased the vehicle prices.