Mahindra evaluating price hike to offset impact of commodity inflation forex woes

Jaisalmer, Jan 6 (PTI) Mahindra & Mahindra is evaluating a price hike amid a rise in commodity prices and the weakness in the rupee against the US dollar, a top company executive said on Tuesday.
    The Mumbai-based automaker is expected to take a call on the issue over the next few weeks.
    "We are studying the impact of commodity inflation and forex issues, and based on that, we will take a call whether to take a price hike or avoid it," Mahindra & Mahindra Executive Director & CEO (Auto & Farm Sectors) Rajesh Jejurikar told PTI.
    The company is watching the situation closely, given that commodity inflation is there, especially in precious metals, he added.
    There is also an impact due to the strengthening of the dollar against the rupee, he stated.
    "So, we will wait and watch to see what happens on the commodity front over the next few weeks," Jejurikar said.
    Already various automobile companies like Hyundai, BYD, and JSW MG Motor, have announced price hikes with effect from January.
    Market leader Maruti Suzuki India has stated that it will soon take a call on whether to revise upwards prices of its small cars, for which it reduced rates last year over and above the GST benefit of 8.5 per cent.
    Mercedes Benz India has also said that it is considering hiking prices of its products every quarter in the next calendar year to offset the adverse impact of the rupee depreciation against the euro.
    Similarly, BMW India is also looking to hike vehicle prices.
    Mahindra on Tuesday expanded its electric vehicle range with the launch of XUV 3XO EV with a price starting at Rs 13.89 lakh.
    The company had launched the ICE version of the sub-4 meter SUV in April 2024.
    The EV version comes with a 39.4 kWh battery delivering real-world range up to 285 kms, the company said.
    "The XUV 3XO EV has been engineered around real usage patterns, ensuring that it meets everyday mobility needs reliably," Nalinikanth Gollagunta, Chief Executive Officer - Automotive Division, Mahindra & Mahindra, stated.

(This story has not been edited by THE WEEK and is auto-generated from PTI)