Rising costs due to inflationary pressures and increases in commodity prices has forced Indian automaker Mahindra and Mahindra to announce a price hike on its range of SUVs and commercial vehicles from January 2024.
However, the company has not disclosed the revised prices.
“The extent of the price increase will vary across different SUVs and commercial vehicles. Mahindra has tried to absorb as much of these additional costs as possible. However, a portion of this increase will be passed on to customers,” the company said in a statement.
Other automakers are also mulling on increasing vehicle prices. Maruti Suzuki India (MSIL) has also announced a price hike on its products from January 2024 owing to cost pressure. The price increase will vary across models. Luxury car maker Audi India announced an increase of up to 2 per cent across its models, owing to rising input and operational costs. The price hike will be effective from January 1, 2024.