On Thursday, automaker Mahindra and Mahindra (M&M) in a statement said that it will be increasing the prices of its passenger and commercial vehicles by Rs 5,000 to Rs 73,000 from the next month to partially offset the impact of rising input costs.
In April, the price of the company's vehicles will be increased by 0.5 percent to 2.7 percent due to the price hike. Changes in regulatory requirements have added on to the costs, it said.
"This year has seen record high commodity price increases. Further, there are regulatory requirements effective April 1 that have also led to cost increases. While we have made efforts to reduce our costs, it has not been possible to hold back the price increase," Rajan Wadhera, President of M&M's automotive sector said.
The company sells a range of utility and commercial vehicles. The hike comes at a time when many automakers have announced an increase in the retail prices of their cars that will be effective from April 2019.
Earlier, Tata Motors announced a hike of up to Rs 25,000 on some of its passenger vehicles from the next month on account of rising input costs and external conditions. Toyota and Jaguar Land Rover also said that they would be increasing prices of select models from April.