Mahindra & Mahindra hike vehicles prices

Auto major Mahindra & Mahindra on Friday said it has raised prices of its entire range of vehicles by up to ₹15,000 from last week.

'We have hiked prices last week by 1.5 to 2% on all our vehicles due to higher commodity costs,' Mahindra and Mahindra President (Automotive and Farm Sectors) Pawan Goenka told reporters here.

The price hike will vary between ₹7,000 to ₹15,000 on different models, he added.

The company sells utility vehicles like Scorpio and Bolero along with three wheeler commercial vehicles. It also manufactures and sells sedan Logan.

This is the second price increase taken by the company in 2011. Earlier, in January this year Mahindra & Mahindra had raised vehicle prices by about 1.5%.

From April 4 onwards, the country's largest car maker Maruti Suzuki India (MSI) has also increased prices of its vehicles across all models between ₹1,100 to ₹9,000 for similar reasons.

MSI has undertaken a hike across the models ranging between 0.2% to 2.4%.

The auto industry has been under pressure due to rising input costs and already Tata Motors has hiked prices of its passenger vehicles by up to ₹36,000 from April 1.

Another big car maker Hyundai Motor India is also mulling taking a similar step.