Mahindra & Mahindra said on Thursday that it had increased prices by 2.5% for its entire model range, effective immediately. The homegrown auto giant said this would result in a pre-showroom price increase of Rs 10,000 to Rs 63,000 for the entire range, depending on the model and variant. The price correction resulted from continued price increases in essential commodities such as steel, aluminium, and palladium.

“Companies have taken the necessary steps to partially offset the unprecedented increase in commodity prices to absorb the impact and pass on the smallest percentage of cost increases to customers through price adjustments,” M&M noted. It added that the company, which sells models such as the Thar and XUV700, is working with its sales and dealer network to communicate the new prices to customers appropriately.

Earlier this month, India’s largest automaker, Maruti Suzuki India (MSI), announced higher prices for its entire model range amid rising input costs. The company has yet to announce the price increase. MSI noted in a regulatory filing that the company’s vehicle costs continued to be adversely affected over the past year due to increases in various input costs.