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Indian automaker Mahindra has announced that it will be hiking the prices of its car range by between 0.5 - 2.7 per cent, from the start of the next financial year. The hike will see prices of Mahindra cars and SUVs increase by between Rs 5,000 and Rs 73,000 from the 1st of April 2019.
Mahindra blames the record high cost of commodities and regulatory requirements for the increase in prices. Speaking about the price hike, Rajan Wadhera, President Automotive Sector, Mahindra and Mahindra Ltd. said "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."
The regulatory requirements mentioned by Wadhera refer to the new safety and emission norms that are set to go into effect in the near future. The adoption of new Bharat NCAP safety norms has forced carmakers to fit vehicles with anti-lock brakes with EBD and airbags as standard. With the new BS-VI emission norms going into effect in April 2020, Mahindra and other carmakers are expected to raise prices of their upcoming vehicles even higher to recoup their investments into the cleaner emission tech.
Mahindra has not given details about a model wise breakup of the hike in prices, but we do expect the newly launched XUV300 to be affected by the price hike. Prices for Mahindra's current range start at Rs 4.77 lakhs for the base KUV100 micro SUV and go all the way up to Rs 29.95 lakh for the top-of-the-line variant of the premium Alturas G4.
Mahindra joins other carmakers like Tata Motors, Toyota, and Renault who have announced price hikes. While most carmakers including Mahindra have announced a range-wide increase, Renault has till date only raised the price of its entry-level Kwid hatchback.
We expect other carmakers to join the four manufacturers in raising their prices as the new financial year starts in April, especially with new safety and emission norms set to come into effect in the next 12 months.