Indian SUV manufacturer Mahindra & Mahindra has announced that it will be raising the prices of select car models from its portfolio by 1-2 percent in response to the increase in input costs and inflation. The price hike was announced by Mr. Pawan Goenka President (Automotive and Farm Equipment Sectors) Mahindra & Mahindra.
Mr. Goenka also stated that the automaker is awaiting clarification on the SUV tax hike from 27 percent to 30 percent as part of the Union Budget 2013-14. The Society of Indian Automobiles Manufacturers (SIAM) and Ministry of Heavy Industries and Public Enterprises have taken up the issue with the Finance Ministry.
According to Mr. Goenka, the increase in excise duty on SUVs will impact the pricing of all SUVs and MUVs by Mahindra & Mahindra.