On Friday, Mumbai based automaker Mahindra & Mahindra Ltd. announced an increase in their price range for personal and commercial vehicles by 1.9%, which will result in an increase of Rs 4,500 - Rs 40,000, depending upon the model and variant.
In the case of the new Thar, price increase will be effective for all bookings done between December 1, 2020 to January 7, 2021. All fresh bookings for the new Thar, effective January 8, 2021, will be rolled out at prices as applicable on the date of delivery.
"The price increase was necessitated due to unprecedented increase in commodity prices and various other input costs over the past months. We have made all efforts to reduce our costs and deferred price increase for as significant duration, but due to the quantum of input cost increase, consequently we are taking price increase effective from Jan 8, 2020", said Veejay Nakra, CEO- Automation Division, M&M Ltd in a press release.
Mahindra Group employs over 2,56,000 people across 100 countries and has a net worth of $19.4 billion.
Last month, the company said it will increase prices of its entire range of passenger and commercial vehicles effective from January 1, 2021.