Mahindra appraising up to a 3% price hike on its vehicles as steel price rapidly growing

Steel is used in vast quantity while manufacturing the vehicles and the steel price is rapidly growing but the makers are closely looking at the current situation of the steel and they see how the situation turn out.

India’s largest vehicle manufacturer company Mahindra & Mahindra continues to watch the recent price hike in the commodity. Mahindra cars are going to increase its cars price up to 3%. The rising price will vary between 1.8% and 3%, depending on car variants and models, as said by M&M Chief Executive (Automotive Division) Veejay Nakra to PTI.

As the Raw material price increases, other auto manufacturers companies such as Tata Motors and Maruti Suzuki India already announced the price hike of their vehicles.

Under the last price revision, Tata Motors hike its vehicle prices by 1.8% and Maruti Suzuki India hiked its prices by ₹22,500.

In the last few days, hot-rolled coils (HRC) and cold-rolled coil (CRC) by ₹4,000 and ₹4,500 per tonne and these coils are heavily used in the manufacturing of the automobile. The price of both the coils is increased again in mid-May or early-June 2021. HRC costs ₹67,000 and HRC costs ₹67,000 for one tonne.

While seeing the continuous hike in the raw materials, Veejay Nakra says that the homegrown automakers use multiple ways to manage their manufacturing cost.

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