Following others, auto major Mahindra & Mahindra said it will increase the prices of its recently launched international car XUV500 by at least INR 30,000 from January 1 on the back of higher raw material costs and the rupee fall.

The company in a statement said that "The price rise has been necessitated as the launch price was an invitation price and there has also been a considerable impact of increase in raw material costs and the rupee depreciation with respect to the dollar and the euro.”

The statement added that "However, as a special case, for all the current bookings, for which delivery has not been made and in spite of the terms of price applicable at the time of delivery, the increase would only be 50% of the actual price increase proposed.”

(Sourced from ET)