Mumbai: Automobile companies on Thursday said they will hike the prices of their vehicles effective January 2018.
SUV manufacturer Mahindra & Mahindra (M&M) announced that it plans to increase prices of its passenger and commercial vehicles by up to 3 per cent.
According to the company, the upward price revision will be effective from January 2018.
M&M Automotive Sector’s President Rajan Wadhera said: “We have been holding back on price hikes and absorbing the higher input costs for a while, but with the increase in commodity prices we will have to take a price increase.”
Another automobile manufacturer Volkswagen India also announced an upward price revision of up to Rs 20,000 across its product range effective from January 2018.
Volkswagen Passenger Cars’ Director Steffen Knapp said: “The price increase is essential on account of several external economic factors as well as fluctuations in the global commodity price and local input cost and is in line with industry.”
On Wednesday, automobile major Maruti Suzuki India had said that it will increase the prices of its entire passenger vehicle range by up to two per cent from January, due to rising input costs.
“The company will go in for an upward price revision by up to 2 per cent due to rising input costs,” a Maruti Suzuki India official told IANS.
Earlier, Tata Motors had said that it will increase the prices of its entire passenger vehicle range by up to Rs 25,000, starting from January to offset the impact of rising input costs.
Ford India had also said that it will increase the prices of all its vehicles by up to 4 per cent from January 1, 2018.