Mumbai, Dec 28 (IANS) Automobile manufacturer Mahindra and Mahindra Wednesday said it would raise prices of its newly launched XUV500 sport utility vehicle from Jan 1, 2012, due to increase in the price of raw materials and depreciation of the rupee.
The price of base model W6 has been hiked by Rs.30,000 (ex-showroom Delhi) and that of models W8-FWD and W8-AWD have been hiked by Rs.50,000 and Rs.55,000, respectively.
‘This price rise has been necessitated as the launch price was an introductory invitation price,’ the company said in a statement.
‘There has also been a considerable impact of increase in raw material costs and rupee depreciation.’
XUV500 was initially launched in a price range of Rs.10.8-12.88 lakh (ex-showroom Delhi) in October.
The company added that it is in the process of ramping production of the XUV500 at its plant in Chakan, Pune, which will help it re-open bookings in January 2012.
