Mahindra announces price hike upto Rs 47,000

Mahindra has announced that it will be hiking prices of its model line-up by Rs 5,500 to Rs 47,000 as per the model and variants with the change in prices to come into effect from April 1, 2016.

Commenting on the price hike announcement by the Indian SUV maker, Pravin Shah, president and chief executive (Automotive), Mahindra & Mahindra said that despite the hike in duties on vehicles already in place, the manufacturer would hold off hiking prices to next month allowing customers to avail its products at the pre-budget prices for the month of March.

The hike though has not held up for the KUV100, with Mahindra having hiked prices for its smallest offering with immediate effect. The petrol KUV100 is now dearer by one percent while its diesel sibling’s prices have been hiked by 2.5 percent.

The KUV100 has received a good response since its launch with bookings crossing 21,000 units in mid-February and a waiting period extending for as much as two months. Mahindra had earlier announced that it would be ramping up production at its Chakan facility to accommodate more units of the KUV100 in a bid to reduce the waiting period for the new Mahindra.

Mahindra has become the newest addition to the list of automakers who have announced hike in prices. Earlier in the month, following the announcement of the new levy on the automotive sector manufacturers such as Maruti, Hyundai, Honda, Mercedes and Tata announced a hike in prices of all its models with immediate effect with Mercedes citing the new duties in addition to rising input costs as a reason for the hike in prices.