Mahindra to increase price of vehicles, stock price jumps
Mahindra & Mahindra Ltd. (M&M), part of the USD 19.4 billion Mahindra Group, has announced that effective January 1, 2021, the company will increase the price of its range of Passenger and Commercial Vehicles, across models.
"This has been necessitated due to the increase in commodity prices and various other input costs. Details of the price increase across different models will be communicated in due course," the company said in a release to the exchanges. The stock of Mahindra and Mahindra jumped 3 percent in opening trade on Thursday.
The company has performed reasonably well for the month of November when its overall auto sales for the month stood at 42,731 vehicles, compared to 41,235 in November 2019, a growth of 4%.
In the Utility Vehicles segment, Mahindra sold 17,971 vehicles in November 2020, compared to 14,161 vehicles in November 2019, registering a growth of 27%. The Passenger Vehicles segment sold 18,212 vehicles in November 2020, a growth of 24% over the same period last year.