New Delhi: Leading automaker Mahindra & Mahindra Ltd (M&M) to hike the prices of its range of personal and commercial vehicles by 1.9% from January 8, 2021. In a release, the company said, the price hike will be in the range of INR 4,500 - INR 40,000, depending on the model and variant.
The current price of Thar increase will be effective for all bookings done between December 1, 2020, and January 7, 2021, it said. The company launched the brand new second-generation Thar 2020 in October last year at a starting price of INR 9.8 lakh going up to INR 12.2 lakh, all prices ex-showroom. M&M further said that all new bookings for the new Thar, effective from January 8, 2021, will have prices as applicable on the date of delivery.
According to Veejay Nakra, CEO, Automotive Division, M&M, unprecedented increase in commodity prices and various other input costs over the past many months is responsible for the price hike. He said, "We have made all efforts to reduce our costs and deferred price increase for a significant duration, but due to the quantum of the input cost increase, we are making this price increase."