Homegrown auto major Mahindra & Mahindra today said it has increased prices of its passenger and commercial vehicles from this month by an average of 1 per cent, in the range of Rs 2,300 to Rs 11,500 (ex-showroom), to partially offset the impact of rising input costs.
"We have been holding back on the price hikes for a while but now it has been necessitated to partly offset the impact of rising input costs," Mahindra & Mahindra, Chief Executive Automotive Division and International Operations, Pravin Shah said in a statement.
Farm Equipment Sector (FES), a part of USD 16.5 billion Mahindra Group, has also increased prices of its tractors effective from November 2014.
"The increase is in the range of Rs 6000 to Rs 10,000 depending upon the model.The price hike has been necessitated owing to increase in commodity prices and conversion costs," the company said.
Mahindra sells a range of passenger vehicles including the Scorpio, Bolero and XUV500 and commercial vehicles like Alfa and Gio. It also markets a range of tractor models like Arjun and Yuvraj.
Mahindra shares today closed at Rs 1260.65 apiece on the BSE, up 2.35 per cent from its previous close.
