New Delhi: Mahindra & Mahindra (M&M) on Thursday said that it will increase prices of its passenger and and commercial vehicles by up to Rs 73,000 from April 1.
"Effective 1st April, 2019, the price of its range of personal and commercial vehicles will increase by 0.5 — 2.7%, resulting in an increase of Rs 5,000 — Rs 73,000, across its models," the company said in a regulatory filing.
"This year has seen record high commodity price increases. Further there are regulatory requirements effective April 1st that have also led to cost increases. While we have made efforts to reduce our costs, it has not been possible to hold back the price increase. Consequently we are taking a price increase from April 1, 2019," Rajan Wadhera, President Automotive Sector, M&M Ltd said.
The company sells a range of passenger vehicles, including XUV 500, Scorpio, TUV 300 and KUV 100. Headquartered in India, Mahindra employs over 2,40,000 people across 100 countries.