Country’s largest utility vehicle maker Mahindra & Mahindra has hiked the price of its vehicles in the Indian auto market by up to 2 percent. The price hike applies to entire product range of the company including both utility vehicles and passenger car Verito. The firm has blamed the high input cost for the decision.
Speaking to the reporters in the National Capital on Monday, Mahindra & Mahindra (M&M) Senior Vice-President (Marketing - Automotive Sector) Vivek Nayer said, "Margins have been a concern as raw material prices were going up in the past. We hope that it will come down in the future. We raised the prices last by 1.5-2 per cent."
M & M has already enhanced the prices of its cars in the Indian auto market two times in this year, first in January by 1.5 percent and then in April by 1.5 to 2 percent.
According to a statement given by Mr. Nayer, the company has registered considerably good sales figures in the month of July and August, and hopes to perform even better in coming months. In August 2011, M&M sold a total of 35,756 units of its cars, accounting for a sales surge of 31 percent. While in July, the company sales grew 41.90 per cent to 37,323 units.
