Mahindra & Mahindra Ltd. (M&M Ltd.), India———s leading SUV manufacturer, today announced that it had increased prices of its passenger and commercial vehicles by an average of 1%.
This increase would be in the range of INR 2,300 to INR 11,500 (ex-showroom) depending on the model and has been effective this month. The company———s Farm Equipment sector (FES) also announced a price rise of its products effective November 2014. The increase is in the range of INR 6000 to INR 10,000 depending on the model and has been called for owing to increase in commodity prices and conversion costs.
A US$ 16.5 billion multinational group based in Mumbai, Mahindra employs more than 180,000 people in over 100 countries. Mahindra operates in industries such as tractors, utility vehicles, information technology, financial services and vacation ownership, agriculture business, aerospace, components, consulting services, defence, energy, industrial equipment, logistics, real estate, retail, steel, commercial vehicles and two wheeler industries. Commenting on the price hike, Pravin Shah, the Chief Executive Officer of the Automotive Division and International Operations (AFS) at Mahindra & Mahindra Ltd. said, ———We have been holding back on price hikes for a while but now it has been necessitated to partly offset the impact of rising input costs.———