New Delhi: Auto major Mahindra & Mahindra today said it will hike prices of its sports utility vehicle XUV500 by up to Rs 55,000 with effect from January 1 on account of the falling rupee and rising input costs.
The company will restart bookings of the SUV, which was stopped in October, from next month.
"This price rise has been necessitated as the launch price was an introductory invitation price and there has also been a considerable impact of increase in raw material costs and the rupee depreciation with respect to dollar and euro," M&M said in a statement.
The prices of the three variants of the vehicle will be hiked by Rs 30,000, Rs 50,000 and Rs 55,000 (ex-showroom, Delhi) respectively.
The company had launched XUV500 on September 29, with price ranging from Rs 10.8 lakh to Rs 11.95 lakh (ex-showroom, Delhi). The bookings began on October 1.
M&M said, however, that for customers who have already placed orders for the SUV and whose delivery have not been made yet, the price will go up by just 50 per cent of the proposed hike.
The bookings of the SUV was stopped since October 11, after it received over 8,000 orders in just 10 days.
"The production for the XUV500 is as per schedule and the company is also in the process of further ramping up production at its plant in Chakan, which will enable it to re-open bookings in January 2012," the statement said without sharing details.
Earlier this month, M&M had said it will raise the prices of its entire range of vehicles by up to 3 per cent from January 1 due to rising input costs.
Comments
0 comment