Up to 2% price hike on M&M vehicles wef 1st October, 2013
Mahindra & Mahindra Ltd. has increased product prices by up to 2% across products wef October 1, 2013, today. This equates to price increase of Rs 6,000 to Rs 20,000 depending on the vehicle. The increase is in response to higher input costs, rupee devaluation, and raw material cost increase.
Mahindra is currently working with Ssangyong, the company’s Korean unit on a compact SUV. Mahindra has a stronghold in the Indian SUV market, and having a competitively priced vehicle in every segment will better their chance to leverage their lead. The past year has seen Mahindra suffer at the hands of Renault and Ford, with Duster and EcoSport sales denting some of the local automaker’s shine.
Maruti Suzuki, Hyundai Motor, and Honda Motor too are working on utility vehicles. Back in July 2013, UV production in India increased 8.41% at 49,623 units when compared to 45,774 units production in July 2012. For the same month domestic sales decline of 17.53% was noted at 37,010 UV’s sold when compared to 44,878 vehicles sold in July 2012. UV exports for the month increased by leaps and bounds at 588.19% with 4,370 units exported as compared to 635 units exported in July 2012.