Mahindra becomes the latest carmaker to hike prices in India
India's leading SUV-maker Mahindra and Mahindra Ltd on Friday announced a price hike of up to Rs 20,000, a day after Maruti Suzuki hiked prices across all products.
And like more than half a dozen automakers before it, M&M Ltd too has attributed the price rise to rupee depreciation and higher input costs.
2013 Mahindra XUV 500 is likely to cost Rs 20,000 more
The two per cent hike in prices will come into effect from October 1, which means that the price increase will range from Rs 6,000 to Rs 20,000, depending on the model.
Commenting on the price hike, Pravin Shah, Chief Executive, Automotive Division, Mahindra & Mahindra Ltd said, "We have been holding back prices for a while but now it has become necessary to raise them due to increasing input costs, devaluation of the rupee and increase in some raw material costs. As always, Mahindra remains committed to its customers."
Maruti, which has hiked prices across products by up to Rs 10,000, and Mahindra follow a long line of auto brands that have bowed down to the tough market conditions caused by the falling rupee. Other carmakers that have increased prices include Hyundai, Toyota, Tata, BMW, Audi, Mercedes and GM.