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      Volkswagen and Mahindra & Mahindra announced price hikes from January 2014

      CarTrade Editorial Team

      CarTrade Editorial Team

      The price-hike story continues with more auto companies declaring increase in the prices of their respective models. The latest to join the bandwagon are Volkswagen and Mahindra & Mahindra. Both these auto companies have recently announced price hikes that will be put into effect from January 2014 onwards.

      Volkswagen and Mahindra & Mahindra announced price hikes from January 2014
      Volkswagen and Mahindra & Mahindra announced price hikes from January 2014
       

      Mahindra & Mahindra stated that it had been holding off the price hike decision for quite a while now. But now, the auto maker is forced to stick to the decision in order to partially compensate for the rise in different inputs like materials and freight costs. According to a report, the auto company will go ahead with the price hike by up to 2 per cent on its passenger and commercial vehicles. This price hike will be effective from 1st January, 2014. Mahindra & Mahindra with this announcement is the latest addition to the list of companies that have recently passed similar decisions. Auto companies like Tata Motors, Hyundai, Maruti Suzuki and Renault have declared similar hikes that will be effective from the start of next month.

      Pravin Shah, Chief executive, Automotive Division, Mahindra & Mahindra, on the price increase, reportedly 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.”

      Volkswagen, the German car maker, has also announced a revision in prices by up to 2.5 per cent. Just like Mahindra & Mahindra, this price hike will come into force from 1st January, 2014. Arvind Saxena, Managing Director, Volkswagen Passenger Cars, commented on the announcement of the price increase, “We have been faced with constant rise in input cost over the past several months and have tried our best to absorb it. However, in order to maintain our quality standards that our customer expects from us, we have had to increase the price by a small percentage.” Just to mention, even luxury brand vehicles will come at a higher cost as leading auto companies like BMW, Mercedes-Benz and Audi too have decided to increase prices on their respective models with effect from January 2014.