Mahindra & Mahindra Ltd, one of India’s leading automotive companies, has announced a price hike of 2.5% on its range of vehicles. This will result in an increase of Rs 10,000 to Rs 63,000 on the ex-showroom prices across the range, depending upon the model and the variant. The price hike is effective from April 14, 2022.
The price revision is the result of a continuous increase in prices of key commodities such as steel, aluminium, palladium, etc. The company has taken necessary initiatives to partially offset the 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 its customers appropriately.
Luxury automobile manufacturer BMW India had also said that it will increase prices by up to 3.5 percent across its model range effective from April 1. As per the German automaker, the price increase was done to adjust the material and logistics costs, the impact of the current geopolitical situation, and exchange rates. Mercedes-Benz India had also announced an upward revision in the price of its entire model range effective 1st April 2022. The price correction was in the range of 3%, across the entire model range. The constant increase in input costs in addition to an increase in logistics costs have been exerting significant pressure on the overall costs of the company.
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