SUV specialist Mahindra & Mahindra (M&M) on Thursday announced a price hike of 2.5 per cent resulting in an increase of ₹10,000 to ₹63,000 on the ex-showroom prices across the range.
The hike, which comes into effect immediately, will depend upon the model and the variant. The price revision is due to a steady increase in prices of key commodities such as steel, aluminium, palladium, the Mumbai-based maker of Thar and XUV700 said in a statement.
The increase by M&M follows price hikes announced by Maruti Suzuki, Kia India, MG Motor, Honda Cars India, Renault, and Toyota Kirloskar. Tata Motors and Volkswagen said they will hike prices in the coming weeks.
“The company has taken necessary initiatives to partially offset 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,” M&M added.