Mahindra & Mahindra, a prominent Indian automotive company, has announced that it will raise the prices of its passenger and commercial vehicles starting next month. The decision to increase prices is attributed to rising costs, and while the company has endeavored to absorb as much of these additional costs as possible, a portion of the increase will be passed on to customers. The extent of the price hike will vary across different SUVs and commercial vehicles in the company's lineup.
This announcement follows a similar move by Maruti Suzuki, India's leading carmaker, which declared last week that it would increase the prices of its cars from January 2024. Maruti Suzuki cited increased input costs as the reason for the decision, stating that while the company strives to minimize costs and offset the increase, it may need to pass on some of the increase to the market. The trend of price hikes in the automotive sector is indicative of the challenges posed by escalating costs, including those associated with raw materials and other inputs.
(With Agency Inputs)
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