XUV700, Thar to get costlier as Mahindra hikes price of its vehicle range
Mahindra XUV700 and Thar are some of the enormously popular models from the Indian manufacturer but these and other models in the family will now cost more with the company announcing a price hike effective from today - Thursday, April 14 - on its entire range of vehicles. The price hike on Mahindra vehicles will range between ₹10,000 to ₹63,000 on the ex-showroom price, depending on the model and the variants.
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Mahindra has put the blame for the latest price revision on the climbing prices of commodities such as steel, aluminium and palladium, among others. “The company has taken necessary initiatives to partially offset unprecedented hike in commodity prices to absorb the impact, passing a minimal percentage of cost increase to customers through a price revision," Mahindra stated in an official communication. “The company is working with its sales and dealer network to communicate the new prices to their customers appropriately."
The increasing commodity prices as well as shortage of semiconductor chip remain two of the biggest challenges for automobile manufacturers in the country. While demand in the passenger vehicle segment remains largely strong, the supply-side issues have resulted in overall domestic sales in India taking a hit.
Data from Society of Indian Automobile Manufacturers (SIAM) revealed that while small car segments are being adversely impacted - sales were down last month vis-a-vis March of 2021, there has been an overall de-growth of -6% in FY22. "While some segments like Commercial Vehicles and SUVs are seeing improvement in demand, the mass segments like two-wheelers and smaller cars are facing serious affordability issues.," noted Kenichi Ayukawa, SIAM President. (Read full report here)
In the instance of Mahindra, there's still a very robust demand for models like XUV700 and Thar but some of the variants of both have a waiting period stretching into months. The company also offers other products like Bolero Neo, XUV300 and Scorpio.