Mahindra & Mahindra (M&M), the Indian SUV manufacturer has announced its decision to increase the prices across its entire product portfolio including the commercial vehicle segment by 2 percent. The price hike will be effecting from October 1, 2013 and range from Rs 6,000 to Rs 20,000.
The carmaker has attributed the increment in prices to the increase in the input costs and the depreciation of the Indian Rupee. These factors have affected the margins of the Indian carmaker and have compelled it to transfer a part of the burden to its customers.
By raising the prices on its auto products, the automaker joins many other players in the Indian car market who have announced price hikes in the months of September and October 2013. These include Japanese carmaker Maruti Suzuki, Korean automaker Hyundai India, American car manufacturer General Motors and Japanese company Toyota Kirloskar Motors. Indian carmaker Tata Motors is also expected to hike prices giving in to the market pressures and rising costs.