Mahindra & Mahindra has announced its plans to hike prices across the passenger vehicle and commercial vehicle range with effect from January 2024. The price increment will include all SUVs from the manufacturer including the XUV700, Scorpio range, XUV300, Bolero, XUV400 EV and more. In a statement, the company said, “The adjustment is in response to the rising costs due to inflation and increased commodity prices.”
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Mahindra further said that it has made efforts to absorb as much of the additional costs as possible. However, a portion of the same will be passed to customers starting from next year onwards. The Indian auto giant did not reveal the extent of the price hike on individual models but did say that the price increase “will vary across different SUVs and commercial vehicles.”
Apart from Mahindra, carmakers including Maruti Suzuki, Tata Motors, MG Motor India, and Audi, also announced price hikes for the new year with more automakers likely to follow suit soon. Most carmakers attributed the hike to higher operating and raw material costs that are driving up prices.
The rising inflation has been a major contributor to the same apart from supply shortages for crucial materials and equipment.
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Having said that, the upcoming year will be extremely crucial for Mahindra with several new launches in the pipeline. This includes the XUV300 facelift and possibly an updated XUV400 facelift as well. The automaker will also launch the much-awaited Thar 5-door and will kickstart its new electric era with the launch of the XUV.e8 electric SUV set to arrive towards the end of the year.
