Owing to the impact of rising inflation and increased commodity prices, companies have decided to implement a price hike. It is anticipated that in the coming days, additional companies may also announce adjustments to their prices.
On Wednesday, Mahindra and Mahindra, a leading domestic automobile manufacturer, declared an increase in the prices of their passenger and commercial vehicles starting January 2024. The company conveyed in a statement that this adjustment is in response to the escalating costs driven by inflation and heightened commodity prices. According to reports from PTI, the company has diligently attempted to manage additional costs, though a portion of this increment will be passed on to consumers. The limits of price increases will vary for different SUV and commercial vehicle models.
In the passenger vehicle segment, Mahindra and Mahindra sell models such as XUV300, XUV400, XUV700, Scorpio, Scorpio-N, Thar, KUV100 NXT, and Marazzo. Additionally, they offer various models in the commercial vehicle segment. Earlier, the country’s leading car manufacturer, Maruti Suzuki, had also hinted at planning a price hike for its vehicles in January 2024, attributing it to the pressures of inflation and increased raw material costs.
Other companies have also made similar announcements. Audi and Mercedes have declared a price hike for their cars from January 2024. Audi is set to implement an increase of up to two percent across all its models. Audi explained that the decision is a response to the rising input costs associated with the supply chain and operational expenses. Maruti had already raised prices by 0.80 percent in April this year. Tata Motors has indicated that there will be an increase in the prices of electric cars as well. It is expected that nearly all companies will announce price hikes in the coming months. This implies that consumers should be prepared to incur higher expenses when purchasing a vehicle.
