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Home-grown automaker Mahindra & Mahindra has announced that it will increase the prices of its passenger and commercial vehicles from January 1, 2018.
Mahindra has decided to increase the prices of its entire product portfolio in the country by three percent from 2018, due to the increasing input costs.
The Indian product portfolio of Mahindra includes, SUVs and sedans and electric vehicles in the passenger vehicle segment and pickup up trucks, buses and trucks in the commercial vehicle segment. All the products will be dearer by three percent starting from January 1, 2018.
President of Automotive Sector, Mahindra & Mahindra, 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."
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Mahindra is also planning to expand its electric vehicle lineup in India, which is in line with the government's initiative of shifting to pure electric vehicles by 2030. The company is also working on BS-VI compliant engines which will be effective by April 2020.
Apart from Mahindra, major automakers such as Skoda, Ford, Volkswagen, Tata Motors, Isuzu and Toyota have already announced that it will hike prices from 2018. The increase in prices is the part of the cyclical price revision, and more companies will soon join the bandwagon.
Mahindra has become the latest manufacturer to increase the price of its product portfolio in India. So, December is the right time to buy cars as the prices will be revised from January 2018 and several automakers are also offering special year-end discounts.