Mahindra to increase prices of its product line-up

Mahindra Mahindra, India's leading SUV manufacturer today announced its plans to increase the prices of its passenger and commercial vehicles by up to 2 per cent. This increase would be effective from January 1, 2014. The hike is due to rising materials, input and higher freight costs.

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”.

The homegrown automajor is also experiencing a slump in sales as it is continuously reporting a negative growth in the Indian auto industry. To meet the fiscal target, the company is offering Rs. 55,000 and Rs. 53,000 benefits on Verito and Verito Vibe respectively.

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