Mahindra is deciding to hike the prices of its passenger vehicles in India, as reported by HTAuto.

The decision comes at a time when several other automakers have already announced that they will walk the same path from January 2024.

India's biggest car manufacturer in terms of sales volume, Maruti Suzuki has announced that it will hike the prices of its cars in the country from 1st January next year, owing to rising production and operational costs.

Tata Motors too announced that its cars will be pricier from January 2024. Not only the mass market car manufacturers, luxury carmaker like Audi too is ready to walk the same path.

Automakers in India usually hike the prices of their cars by different quantums every year. Sometimes, the price hike is applied to the entire range of an automaker, while sometimes, select models see the price surge. While some carmakers hike prices once in a year, some announce multiple price hikes throughout the year. It is not clear if Mahindra will hike the price of its entire passenger vehicle range or select models.

Speaking about the decision to increase the price of its cars, Mahindra & Mahindra's CEO (Automotive Division) Nalinikanth Gollagunta said that the move comes based on the inflation and commodity prices outlook. "We intend to take a price increase for our automotive products effective January 2024," he reportedly said. Gollagunta also added that the details of the price hike will be announced closer to the time.