Mahindra & Mahindra (M&M) has stated that it will increase prices of its passenger vehicles by up to Rs 30,000 or 2 percent, effective August 2018.
Rajan Wadhera, president (Automotive Sector), Mahindra & Mahindra, said, “With the ongoing increase in commodity prices we plan to take a price hike of up to 2 percent in some models.”
Based on SIAM’s quarterly review data, commodity prices are on the uptick with key raw materials, including HR steel (+3.20 percent), CR steel (+3.97 percent), pig iron (+3.41 percent) and virgin aluminium (+9.26 percent) escalating significantly between March and May 2018 – these affect manufacturing costs for Mahindra.
