Automobile giant Mahindra and Mahindra has reportedly announced that it plans to hike the prices of its vehicles by up to 3%, effective from January 1, 2018. Rajan Wadhera, the president of the Automotive Sector, Mahindra & Mahindra Ltd, explains– "We have been holding back on price hikes and absorbing the higher input costs for a while, but with the increase in commodity prices we will have to take a price increase."