There is a new member in the price hike club. Following suit of other carmakers in India, popular home-gown UV maker Mahindra and Mahindra is set to increase the prices of its vehicles from January 2017.
Citing rising input cost as the reason for the latest price hike, Mahindra said that the prices of its passenger vehicles will go up in the range of Rs 3,000 to Rs 26,500. On the other hand, the prices of Mahindra commercial vehicles would increase in the range of Rs 1,500 to Rs 6,000 from January.
"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," Pravin Shah M&M chief executive (Auto Division) told Press Trust of India (PTI).
The carmakers like Hyundai, Tata Renault, Tata and Volkswagen are already in the club. Earlier last week, German luxury carmakers Volkswagen and Mercedes-Benz announced price hike of their models. While Volkswagen plans to increase the price by up to 3 percent depending on the model, the price hike of Mercedes-Benz will be in the range of 2 percent. While the price hike of Toyota is in the range of 3 percent, the prices of Tata vehicles will go up in the range of Rs 5,000 to Rs 25,000, depending on the model.
The prices of Hyundai models will go up by up to Rs 1 lakh and Honda's by up to 3 percent. Chevrolet and Isuzu Motors have also announced that the prices of their offerings in the country will go up from January 2017. The two-wheeler maker Bajaj would also increase the prices of its offering in India from January by up to Rs 1,500.