Mahindra & Mahindra Ltd (M&M) on Friday said it’s increasing the price of its range of personal and commercial vehicles by around 1.9 per cent ― an increase of ₹4,500 to ₹40,000 depending on the model and variant ― from January 8 onwards.
In the case of the new Thar, the current price increase will be effective for all bookings done between December 1, 2020 and January 7, 2021, the company said in a statement. All fresh bookings for the All New Thar, effective January 8, 2021, will have prices as applicable on the date of delivery, it added.
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“The price increase was necessitated due to unprecedented increase in commodity prices and various other input costs over the past many months. We have made all efforts to reduce our costs and deferred price increase for a significant duration, but due to the quantum of input cost increase, we are taking this price increase effective January 8, 2021,” said Veejay Nakra, CEO – Automotive Division, M&M Ltd.
Automakers have been announcing price increases citing the rise in commodity prices as the reason.
M&M’s overall auto sales (passenger vehicles, commercial vehicles and exports) for the month of December 2020 stood at 35,187 vehicles, compared to 39,230 in December 2019.