Auto major Mahindra & Mahindra (M&M) on Thursday said it will increase the price of its passenger and commercial vehicles by Rs 5,000 to Rs 73,000 from April to partially offset the impact of rising input costs.
The price of the company's vehicles will go up by 0.5 per cent to 2.7 per cent from next month due to the price hike, the company said in a statement.
"This year has seen record high commodity price increases. Further, there are regulatory requirements effective April 1 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," M&M President Automotive Sector Rajan Wadhera said in the statement.
Consequently, the company is taking a price increase from April 1, he added.
The company sells various utility vehicles ranging from newly launched compact SUV XUV300 to premium SUV Alturas G4. M&M also sells various commercial vehicles including Supro and Jeeto in the domestic market.
Earlier this week, French carmaker Renault had announced an increase in the price of Kwid range in India by up to 3 per cent from April.
Last week, Tata Motors had also announced an increase in the price of its passenger vehicles by up to Rs 25,000 from April on account of rising input costs and external economic conditions.
M&M joins the likes of Toyota and Jaguar Land Rover which have also stated that they would raise the price of select models from April.