New Delhi: Auto major Mahindra & Mahindra said on Thursday it will raise the prices of its entire range of vehicles by up to 3 percent from January 1 due to rising input costs.
Mahindra & Mahindra (M&M) "would be raising the prices of its products by up to 3 percent, depending on models", the company said in a statement.
The upward price revision will be effected due to rising input costs over the last few months, it added.
Besides higher raw material prices, Indian auto makers' margins are under pressure due to the sharp fall of the rupee against the US dollar in recent months.
To mitigate the impact, car-makers such as Renault, Nissan Motor, Hyundai Motor, Ford, General Motors and Toyota Kirloskar have also announced hikes in the prices of their vehicles by up to 3 percent from January 1.
While Renault India will hike the price of its sports utility vehicle Koleos by Rs 1 lakh from January 1, Nissan Motor India is hiking the prices of small car Micra and the petrol version of premium sedan Sunny by up to 2 per cent.
The country's second-largest car maker, Hyundai Motor India, will also raise the prices of its vehicles by 1.5-2 percent from January next year.
Ford India also said it will raise prices of its entire range of models by 2-3 per cent.
In a similar fashion, General Motors India has announced that it will raise prices by 1-2 per cent from January, 2012.
It will also hike the price of its Beat diesel model by Rs 15,000.
Toyota Kirloskar Motor, too, had announced a price hike of 1.5-3 percent across models manufactured in India from January 1, 2012.
Other car-makers, including Maruti Suzuki India, are also mulling a price hike to offset rising input costs.