It all started with the premium carmakers, and the mainstream car manufacturers are following suit. Almost every carmaker has geared up for increasing the prices of its products from January 1 2014. The latest to jump on the price hike bandwagon is Mahindra and Mahindra. The Indian MUV specialist will increase the price of its products by up to 2% across its entire product range. The effective date for the price hike, just as in case of every other car maker, would be 1st January 2014.
The company cited increase in material costs for the increase. “The price increase is primarily due to rising materials, input and higher freight costs”, read the official statement.
Commenting on the price hike, Pravin Shah, Chief Executive, Automotive Division, Mahindra & Mahindra Ltd. said, “We have been holding back prices for a while but now it has become necessary to raise them to partly compensate the increase in materials, input and freight costs. As always, Mahindra remains committed to its customers”.