Mahindra pledges no price hikes in Jan 2026 despite tax cuts, launches new EV SUV amid record sales.

Mahindra & Mahindra says it won’t raise vehicle prices in January 2026 unless raw material costs surge significantly, aligning with the government’s GST reductions that cut taxes on small and mid-sized cars to 18% and large SUVs to 40%. The company, led by Executive Director Rajesh Jejurikar, pledged not to exploit tax cuts for profit, emphasizing cost-driven pricing. Automakers, including Mahindra, have already passed on savings to consumers since September 22. The company also launched its new electric 7-seater SUV, the XEV 9S, at Rs 29.45 lakh, as part of its push in the EV market, which benefits from a 5% GST rate. Mahindra reported record first-half sales revenue exceeding Rs 8,000 crore, driven by strong demand for electric SUVs like the XEV 9e and BE 6, making it India’s top EV brand by revenue share in the first six months of FY2026.