New Delhi, Jan 8: Mahindra & Mahindra (M&M) on Friday announced a hike in prices of its range of personal and commercial vehicles by around 1.9 per cent with immediate effect.

Mahindra & Mahindra (M&M), part of the $19.4 billion Mahindra Group, will raise the prices of range of personal and commercial vehicles by Rs 4,500 - Rs 40,000, depending on the model and variant, the Mumbai-based automaker said in a regulatory filing.

M&M said in the case of new Thar, the current price increase will be effective for all bookings done between December 1, 2020 and January 7, 2021.

All fresh bookings for the new Thar, effective January 8, 2021, will have prices as applicable on the date of delivery, the company added.

Veejay Nakra, CEO – Automotive Division, M&M said the price increase was necessitated due to unprecedented increase in commodity prices and various other input costs over the past many months.

"We have made all efforts to reduce our costs and deferred price increase for a significant duration, but due to the quantum of input cost increase, consequently we are taking this price increase effective January 8, 2021," he added.

Last month, the company said it will increase prices of its entire range of passenger and commercial vehicles effective January 1.