Mahindra & Mahindra, the largest utility vehicle maker in the Indian auto market, said on Thursday that it has decided to hike the prices of its India portfolio models by up to 3 percent. The new prices will be applicable on Mahindra models from next month onwards. According to company the decision has been taken in a bid to save its shrinking margins due to weakening rupee and continuously rising cost of input material costs.
It is to be mentioned here that margins of Indian car makers are under immense pressure following a steep fall in the value of rupee in comparison to the US dollar. The leading car makers including Maruti, Hyundai, Honda, GM and Toyota have already announced to hike the prices of their cars from next month onwards.
In a statement issued on Thursday, the company official said, "we would be raising the prices of our products by up to 3 per cent, depending on models.”
Mahindra is one of the most diversified auto sector player in the Indian auto market, having its operations in a number of segments including, passenger cars, sports utility vehicle, farm tractors, two-wheelers and many more. The passenger vehicle portfolio of the company in the country include entry level sedan Verito, sports utility vehicle like Bolero Xylo, Scorpio and newly launched XUV 500.
