Mahindra & Mahindra (M&M) on Tuesday said that it will hike prices of its passenger and commercial vehicles effective from January 1, 2021. The decision to increase prices has been taken due to rise in commodity prices and various other input costs.

Last year, M&M had announced a price hike of up to Rs 73,000 for its passenger and commercial vehicles, effective from April 1, 2019. The company sells a range of passenger vehicles, including XUV 500, Scorpio, TUV 300 and KUV 100.

According to the Company, it has performed reasonably well for the month of November when its overall auto sales for the month stood at 42,731 vehicles, compared to 41,235 in November 2019, a growth of 4%.  In the Utility Vehicles segment, Mahindra sold 17,971 vehicles in November 2020, compared to 14,161 vehicles in November 2019, registering a growth of 27%. The Passenger Vehicles segment (which includes UVs, Cars and Vans) sold 18,212 vehicles in November 2020, a growth of 24% over the same period last year.

Reacting to the development, shares of  Mahindra and Mahindra is trading 3.34 at Rs 742 per share during the morning session on the NSE.

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