Mumbai, March 21 : With several automakers set to increase prices due to rising costs, leading SUV manufacturer Mahindra & Mahindra (M&M) on Friday announced a price hike of up to 3 per cent for its sport utility vehicle (SUV) and commercial vehicle (CV) range.

The new prices will come into effect from April 2025. The company attributed the increase to rising input costs and higher commodity prices.

M&M stated that while it has tried to absorb most of the additional costs, a portion of the increase must be passed on to customers.

The extent of the price hike will vary across different SUV and commercial vehicle models, according to company's official statement.

The company recently announced that its overall auto sales for the month of February stood at 83,702 vehicles, a growth of 15 per cent, including exports. In the 'Utility Vehicles' segment, Mahindra sold 50,420 SUVs in the domestic market, a growth of 19 per cent and 52,386 vehicles overall, including exports. The domestic sales for Commercial Vehicles stood at 23,826.

Total tractor sales (domestic and exports) during February 2025 were at 25,527 units, as against 21672 units for the same period last year. Exports for the month stood at 1,647 units.

Domestic sales in February were at 23,880 units, against 20,121 units during February 2024.

Meanwhile, Maruti Suzuki and Hyundai Motor India, two of Mahindra's biggest competitors, also announced price hikes, starting April.

Kia, Honda and Tata Motors have already announced price hikes due to increasing input costs. Luxury carmakers like BMW also confirmed price hikes from next month.

The rising costs in the auto sector have made it difficult for manufacturers to keep prices steady, leading to adjustments across various segments.

According to media reports, the Indian automobile industry has been facing increasing raw material prices and logistical expenses, impacting production costs.

/IANS