Mahindra & Mahindra (M&M) today announced that it will be hiking prices of its entire range of passenger and commercial vehicles from next month. The company has stated that the prices are being increased in order to partially offset the impact of rising input costs. Effective 1st January, the company will increase the price of its range of passenger and commercial vehicles, across models, the Mumbai-based automaker said in a statement.
This has been necessitated due to the increase in commodity prices and various other input costs, it added. Details of price increase across different models will be communicated in due course, Mahindra said in the statement.
Mahindra now joins the country’s largest carmaker Maruti Suzuki India in initiating price increase across the model lineup. Maruti is also slated to increase the prices of its vehicles from January 2021. The company had also stated that the price increase would vary for different models, without specifying details.
Likewise, Ford India said last week that it will increase prices of its vehicles across models by up to 3 percent from 1st January to offset the rising input costs.
Earlier this month, Mahindra announced its vehicle sales performance for the month of November 2020. The Indian automaker reported its overall sales cumulative of passenger vehicles and commercial vehicles seeing a growth of 4%.
The company recorded a sale of 42,731 vehicles in November 2020, compared to 41,235 in November 2019. Mahindra saw the biggest contribution to its growth this month come from its Utility Vehicle sector. It is said that the launch of the all-new Thar has helped Mahindra gain momentum.
Comparing the utility vehicle segment alone, in November 2019, Mahindra sold 14,161 units, while in 2020, the automaker managed to push 17,971 units, thus, resulting in the growth of 27% for its utility vehicle business.
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