Auto major Mahindra & Mahindra on Monday said it will raise prices of all its products by up to Rs 8,000 with effect from October 1 due to higher raw material costs and implementation of new emission norms.
"This increase would be in the range of Rs 3,000 to Rs 8,000 depending on the model and will be effective from October 1, 2010," Mahindra & Mahindra said in a statement.
The company attributed the increase of its passenger and commercial vehicles prices to higher raw-material costs and implementation of Bharat Stage III emission norms from next month across the country.
"We have been holding back this raise for a while, but now it has become imperative to raise prices especially as the prices of raw materials have been on the rise," M&M chief executive (automotive division) Rajesh Jejurikar said.
Other companies are also expected to increase product prices. Last week, according to an internal communication circulated among top company officials, Tata Motors said it is also planning to hike prices to minimise the impact of rising input costs, particularly tyres, from next month.
Earlier, Hyundai Motor India had hiked the prices of its vehicles from this month. It had increased the prices across models by up to 1.2 per cent.
The country's largest carmaker Maruti Suzuki India had also announced an increase in prices, driven by high commodity prices, in August. It had hiked the prices of all of its models, except the Alto, by up to Rs 7,500.
