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To mitigate the impact, car-makers such as Renault, Nissan Motor, Hyundai Motor, Ford, General Motors and Toyota Kirloskar have also announced hikes in the prices of their vehicles by up to 3% from 1st January
New Delhi: Auto major Mahindra & Mahindra (M&M) today said it will raise the prices of its entire range of vehicles by up to 3% from 1st January due to rising input costs, reports PTI.
“M&M would be raising the prices of its products by up to 3%, depending on models,” the company said in a statement.
The upward price revision will be effected due to rising input costs over the last few months, it added.
Besides higher raw material prices, Indian auto makers’ margins are under pressure due to the sharp fall of the rupee against the US dollar in recent months.
To mitigate the impact, car-makers such as Renault, Nissan Motor, Hyundai Motor, Ford, General Motors and Toyota Kirloskar have also announced hikes in the prices of their vehicles by up to 3% from 1st January.
While Renault India will hike the price of its sports utility vehicle Koleos by Rs1 lakh from 1st January, Nissan Motor India is hiking the prices of small car Micra and the petrol version of premium sedan Sunny by up to 2%.
The country’s second-largest car maker, Hyundai Motor India, will also raise the prices of its vehicles by 1.5%-2% from January next year.
Ford India also said it will raise prices of its entire range of models by 2%-3%.
In a similar fashion, General Motors India has announced that it will raise prices by 1%-2% from January 2012.
It will also hike the price of its Beat diesel model by Rs15,000.
Toyota Kirloskar Motor, too, had announced a price hike of 1.5%-3% across models manufactured in India from 1 January 2012.
Other car-makers, including Maruti Suzuki India, are also mulling a price hike to offset rising input costs.
Domestic passenger car sales witnessed a turnaround in November after four consecutive months of contraction, rising by 7% on the back of a marginal revival in demand, coupled with a low base. However, Society of Indian Automobile Manufacturers (SIAM) senior director Sugato Sen said sales in December are likely to be lower than in November.
Mr Sen added that SIAM is expected to revise its sales projections for the current fiscal next month in view of sluggish growth in the last few months. In October, SIAM had significantly lowered its passenger car sales growth forecast for 2011-12 to 2%-4%, the second revision after pegging it at 10%-12% in July, as against its projection of 16%-18% announced at the beginning of the current financial year.