Mahindra & Mahindra increases prices of passenger, CVs

Mahindra & Mahindra has increased prices of its passenger and commercial vehicles by an average of one percent. This increase works out to Rs 2,300 to Rs 11,500 (ex-showroom) depending on the model. The price hike is effective this month.

Pravin Shah, M&M’s chief executive, automotive division & international operations (AFS), said, “We have been holding back on price hikes for a while but now it has been necessitated to partly offset the impact of rising input costs.”

M&M reported a 15.39 percent decline in total sales at 42,776 units in October as against 50,558 units in October 2013. Domestic sales were down 15.71 percent to 40,274 units last month as against 47,787 units a year earlier. The Bolero bounced back with 9,090 sales, its highest in the current fiscal. 

Shah said: "Our sales for October remain subdued on the back of overall sentiment and high interest rates. However, I'm happy with our retail sales which has helped bring the system stocks to an optimal level."