One of the leading automobile manufacturers, Mahindra is planning to hike its vehicle costs by three per cent. This price rise will impact all ranges and will be effective from January 1. Mahindra & Mahindra has declared a cost hike of up to three percent across its models and are a result of increasing raw material costs because of the fall in Rupee against Dollar.
M&M is not the only or first automaker to declare a cost hike and in fact, large numbers of carmakers intend to revise rates from January due to the same season. Micra hatchback of Nissan as well as Sunny petrol will be around two per cent dearer, General Motors and Hyundai will hike rates across the range by 1.5 to 2 per cent.
This move will surely affect the sales rate of all manufacturers, but according to expert’s views, this step is necessary for carmakers. SUV of Renault, Koleos will cost Rs one lakh more from the same period and on the other hand, Toyota and Ford India rates will also see a steep growth of around three percent.
Yet, Maruti Suzuki still has not made any sort of declaration, but eveyone is expecting the same news from the small car major and other companies. As we all know, the falling rupee has badly affected the whole industry. Auto buyers are not at all happy with this news and are eagerly waiting for low cost vehicles. In coming days, it is left to be seen the percentage of hike which each automaker will make.