M&M To Hike Price Of Its Range Of Personal Vehicles From July 1
Mahindra & Mahindra Ltd. said it will hike price of its range of personal vehicles by up to Rs 36,000 across models with effect from July 1.
“This price increase is due to the implementation of AIS 145 safety norms across all passenger vehicles in India,” the company said in a BSE filing.
The sports utility vehicles that will take a substantial price hike are Scorpio, Bolero, TUV300, and KUV100 NXT, while brands such as the XUV500 and Marazzo will increase prices marginally, Mahindra said.
The implementation of AIS 145 safety norms from July 1 mandates the fitment of several safety features, including driver airbag, seat belt reminder for driver and co-driver, rear parking sensors and an over speed alert for the driver across all passenger vehicle models, the company said.
“At Mahindra, safety has been at the core of our product development process and we welcome the regulatory requirements relating to safety upgrades...However, the safety regulatory requirement has led to some cost increases. Consequently, we are taking a price hike across some of our passenger vehicles, effective July 1, 2019,” Rajan Wadhera, president (automotive sector) at M&M, said.