Mahindra to raise prices by up to Rs 8,000 from coming month
Auto major Mahindra & Mahindra has recently made an announcement that it will hike the prices of all its products. This price rise will be of up to Rs 8,000 and will come into effect from first of October. The company has taken this decision because of the higher costs of the raw material and also because of the execution of new emission norms. Mahindra & Mahindra stated that such rise in prices will lie in the range of Rs 3,000 to Rs 8,000. The range will depend on the particular model. The new prices will be implemented from October 1, 2010.
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Mahindra & Mahindra related the prices of its commercial and passenger vehicles to the higher costs of raw-material and also to the BS III ( Bharat Stage III) emission norms which will be executed from coming month all over the country. Rajesh Jejurikar, M&M Chief Executive (Automotive Division) commented that the company has been holding back that price-rise for a while but now it has become necessary to hike the prices, especially because the raw materials’ price has been on a rise.
On the other hand, the other auto companies are also planning to raise the prices of their products. As per an internal discussion circulated among the top officials of the companies, last week, Tata Motors is also thinking about raising the prices from next month so that the effect of increasing input costs can be minimized. Hyundai Motor India had raised the cost of its vehicles from present month. The company had raised the prices across its models by up to 1.2 per cent. In August, Maruti Suzuki, the largest carmaker of India had also made an announcement for the rise in its prices. Except its model Maruti Alto, the company had increased the prices of all of its models by up to Rs 7,500.
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