Mahindra & Mahindra has announced that they would hike the prices of their recently launched SUV model XUV500 from next year.
The price hike ranges from Rs. 30,000 to Rs. 55,000 depending upon the model.
The problem for most buyers is that they have been waiting for their delivery and they would now have to pay a hiked price for the car if they accept a delivery next year.
The company said:
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.
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 percent of the actual price increase proposed.