M&M to increase SUV, commercial vehicle prices up to 3% from April
As the cost of living continues to rise, it seems that the automotive industry is not immune to the effects of inflation. In a recent development, Mahindra & Mahindra has announced that it will be increasing the prices of its SUV and commercial vehicle range by up to 3% from April. This move is aimed at addressing the rising costs due to inflation and increased commodity prices.
According to a statement released by the company, the price hike is necessary to ensure that the manufacturer can continue to maintain its quality standards and meet customer expectations. The statement reads, “The adjustment is in response to the rising costs due to inflation and increased commodity prices.”
It is not just Mahindra & Mahindra that is taking this step. Hyundai Motor, another major player in the Indian automotive industry, has also announced a price increase next month due to high operational costs. This news comes as a disappointment to car enthusiasts and potential buyers who were hoping to purchase a new vehicle at a lower price.
The price hike by Mahindra & Mahindra is expected to affect a range of vehicles, including the popular XUV500, XUV300, and Scorpio SUVs, as well as the company’s commercial vehicle offerings. This move is likely to impact the company’s sales and revenue, particularly in the short term.
However, it is worth noting that the price hike is not a unique phenomenon limited to Mahindra & Mahindra. Many other automakers, including Honda, Maruti Suzuki, and Tata Motors, have also increased prices in recent months due to rising costs. In fact, the Indian automotive industry has been facing significant challenges in recent times, including a shortage of semiconductors, a global chip shortage, and rising prices of raw materials.
The price hike by Mahindra & Mahindra is also likely to impact the company’s competition in the market. With the prices of its vehicles set to increase, the company may struggle to compete with its rivals, particularly in the SUV segment. This could lead to a reduction in sales and market share for the company.
In conclusion, the decision by Mahindra & Mahindra to increase the prices of its SUV and commercial vehicle range by up to 3% from April is a response to the rising costs due to inflation and increased commodity prices. While this move may be disappointing to car enthusiasts and potential buyers, it is necessary for the company to maintain its quality standards and meet customer expectations.
