Buying a Mahindra & Mahindra passenger vehicle will soon cost you more as the car maker will hike the prices of its products by upto 2%. Mahindra will hike the prices to compensate for the rise in commodity prices which results in higher cost of production. The new prices will be effective from the month of August 2018. The models that will be affected by the price hike include the XUV 500, Scorpio, TUV 300 and KUV 100.
Check out the video review of the new Mahindra XUV500 below:
The car maker stated in an official announcement:
Mahindra & Mahindra Ltd. (M&M Ltd.), a part of the USD 20.7 billion Mahindra Group, announced that it plans to increase prices of its passenger vehicles by up to INR 30,000 or 2%. This will be effective August 2018. Commenting on the price hike Rajan Wadhera, President – Automotive Sector, Mahindra & Mahindra Ltd. said, “With the ongoing increase in commodity prices we plan to take a price hike of up to 2% in some models.”
Mahindra & Mahindra isn’t the only Company that plans to hike the prices of its products. Earlier this month, Tata Motors too had also announced to hike passenger vehicle prices by up to 2.2%. In June 2018, Hyundai India announced a price hike of 2% across its product range. Moreover, the Grand i10 will receive a price hike in August 2018. Audi India, Nissan and Datsun had announced a price hike at the start of the financial year 2018-19.