M&M Commercial, Personal Vehicles Rates Spike by 1.9%

Mahindra & Mahindra (M&M) has increased its price range of personal and commercial vehicles by about 1.9 percent with immediate effect.

In a regulatory filing the automaker states that the company's portion of the $19.4 billion Mahindra Group, would raise the prices of a range of personal and commercial vehicles by Rs 4,500 - Rs 40,000, depending on the model and variant.

The company further adds, All fresh bookings for the new Thar, effective January 8, 2021, will have prices as applicable on the date of delivery.

M&M said in the case of new Thar, the current price increase will be effective for all bookings done between December 1, 2020, and January 7, 2021.

Veejay Nakra, CEO Automotive Division, M&M said the price increase was necessitated due to an 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 the input cost increase, consequently we are taking this price increase effective January 8, 2021," he added.

In December, the company had announced that it would increase the prices of its entire range of passenger and commercial vehicles effective from January 1.