Indian auto giant Mahindra and Mahindra said that it will soon hike the prices of some of its models by 1-2 percent. The company will be taking the step so as to balance their input costs and inflation.
Pawan Goenka, the president of the Automotive and Farm Equipment Sectors, on the sidelines of the CII annual conference said , “We will be soon announcing a price hike of 1 to 2 per cent in order to offset increasing input costs and inflation”. However, Goenka did not reveal which models will be affected by the price hike.
The president was also asked about the SUV tax, to which he said that the company is awaiting clarification from the finance ministry, after the issue was taken up by the industry body SIAM, along with the Ministry of Heavy Industries and Public Enterprises. As announced in the budget, Mahindra’s SUV and multipurpose vehicles have been impacted by the increase in the excise duty from 27 percent to 30 percent.
Goenka, while talking about the response to the company’s car ‘e20’, said that the orders for the vehicle have been a bit disappointing, but added that there has been widespread appreciation for such an innovative product among the consumers and the media.