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Mahindra & Mahindra Ltd (M&M Ltd) today announced that it would be raising the prices of its passenger and commercial vehicles by up to 2%. This increase would be effective January 1, 2014.
The price increase is primarily due to rising materials, input and higher freight costs, the company said in a statement.
Commenting on the price hike, Pravin Shah, Chief Executive, Automotive Division, Mahindra & Mahindra Ltd. said, "We have been holding back prices for a while but now it has become necessary to raise them to partly compensate the increase in materials, input and freight costs."
Leading car makers Maruti Suzuki India, Hyundai and Tata Motors had already announced hike in prices of their products from January, joining the likes of Mercedes, BMW, Audi and Honda.