Mahindra & Mahindra, the largest utility vehicle maker in the country, said on Tuesday that it is going to hike the price of all its models across all variants in the Indian market, starting from 1st January, 2011. The company has blamed the continuously rising cost of input material for this price hike. However, the size of this hike is yet to be disclosed by the company.
Speaking on the matter to the reporters in New Delhi, Mahindra & Mahindra (M&M) senior vice-president (Sales and Customer Care, Automotive Sector) Arun Malhotra said, "There will definitely be a price increase in January and we are finalizing it at present. It will be across all categories (passenger and commercial vehicles)."
Meanwhile, the company displayed its recently launched retro-looking utility vehicle Mahindra Thar in the National Capital, on Tuesday. The car is available at the ex-showroom price of Rs 5.99 lakh in New Delhi.
Earlier this month, domestic auto giant Tata Motors had announced to hike the price of its portfolio vehicles by up to 1.5 percent, starting for January 1st, 2011. However, recently launched multi utility vehicle (MUV) Aria and small car Tata Nano have been exempted from this hike.
The auto biggies like Toyota Kirloskar Motors, Maruti Suzuki India, General Motors India and Hyundai India have already announced to hike the price of their respective portfolio vehicles from next month.
