)
The Mumbai-based company is the latest to join the bandwagon. Its peers such as Tata Motors, Maruti Suzuki, Hyundai and Renault have announced a similar hike from the start of next month.
Pravin Shah, chief executive, automotive division, M&M said, “We have been holding back prices for a while but now it has become necessary to raise them to partly compensate the increase in materials, input and freight costs.”
German car maker Volkswagen has also decided to carry out an upward revision in its prices to a maximum tune of 2.5 per cent with effect from January 1. Arvind Saxena, Managing Director, Volkswagen Passenger Cars, said “We have been faced with constant rise in input cost over the past several months and have tried our best to absorb it. However, in order to maintain our quality standards that our customer expects from us, we have had to increase the price by a small percentage.”
Other companies like Toyota Kirloskar and General Motors are also expected to follow suit. Even luxury car manufacturers such as BMW, Mercedes-Benz and Audi too have announced a price hike with effect from next month.
