Mahindra & Mahindra, a homegrown automaker intends to hike the prices for its cars by up to Rs. 30,000. To be effective from tomorrow onwards (August 1), the increase in costs for Mahindra cars is about 2 per cent. Similarly, other car manufacturers like Honda, Hyundai and Tata have also announced a price hike for their products.

Rajan Wadhera, President - Automotive Sector, Mahindra & Mahindra Ltd. said, "With the ongoing increase in commodity prices we plan to take a price hike of up to 2% in some models." Mahindra U321 MPV Official Brand Name To be Announced on July 31; Likely to Launch in India Around September.

The carmaker is gearing up for the launch of the new U321 MPV, which is slated to be introduced in the market soon. Moreover, the Indian carmaker is also planning to launch two new electric vehicles (EVs) by 2019.

The company is focusing on new products that will assist it in gaining more traction in the SUV space. After launching TUV300 Plus in India, the company will be introducing a slew of new products on the market which includes compact SUV - codenamed as S201, Rexton based bigger SUV and upcoming U321 MPV.

(The above story first appeared on LatestLY on Jul 31, 2018 12:05 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).