Indian automotive giant, Mahindra has announced a price revision that will be effective from today onwards. Following the price revision, prices for the Mahindra’s passenger cars were hiked up to 2.5 per cent.
The latest price hike has affected the ex-showroom prices of all models including the likes of Mahindra Thar and Mahindra XUV700 despite being relatively new models in the Indian automobile market. Moreover, the prices of some models were hiked up to Rs 63,000.
Though it is a common practice in the automobile industry to hike the prices at the beginning of each financial year, recent input costs, inflation and rising fuel prices could also have played a part in the price hike.
Following the price hike, Mahindra is working with its dealers to communicate the price hike to its customers in an appropriate manner.
Speaking about Mahindra, the company is one of the most renowned names in the automobile industry. Unlike other automakers in India, Mahindra’s product portfolio mainly consists of SUVs.
In March 2022 alone, Mahindra sold 54,643 units of its passenger and commercial vehicles in India. This has resulted in Mahindra Autos registering a YoY sales growth of more than 35 per cent as the company managed to sell just 40,403 units last year during the same time.
Speaking about the sales figures, Mahindra sold 27,380 units of its Utility Vehicles (UVs) in March 2022, whereas the company could manage to sell just 16,643 units in March 2021, which has resulted in a YoY sales hike of more than 65 per cent.
On the other hand, the combined sales number of Cars & Vans by Mahindra stood at 223 units in March 2022. Though this number may seem small, the YoY sales have increased by more than 291 per cent for the company as it managed to sell just 57 units in March 2021.
At present, Mahindra’s passenger vehicle segment consists of UVs (SUVs and MUVs ) such as Mahindra KUV100, Mahindra XUV300, Mahindra Bolero, Mahindra Marazzo, Mahindra Scorpio, Mahindra XUV700 and Mahindra Alturas G4.
This means Mahindra’s passenger vehicle division sold a total of 27,603 units in March 2022. In comparison, Mahindra managed to sell just 16,700 units in March 2021, resulting in a YoY sales growth of 65 per cent.
Thoughts About Mahindra’s Price Hike
Though Mahindra has hiked the prices of its models in India, we do not expect any decline in sales in the coming months. Apart from that, the price hike announced by Mahindra does seem to be very reasonable.
Keyword: Mahindra Announces Price Hike: Prices Hiked Up To Rs 63,000