Following the proposed raise announced in the excise duty structure from 8% to 10%, Farm equipment and utility vehicles major Mahindra & Mahindra has announced that it will hike prices of its products by up to Rs. 18,000.

The company plans to launch nine vehicles in various segments by March 2011. These launches will include that of the electric Maxximo that was showcased at the 10th auto expo in the capital this year.

"From now till March 2011 the company will launch nine vehicles in various segments, excluding two-wheelers," said Pawan Goenka, President - Automotive sector, Mahindra & Mahindra.

But Goenka further expressed concern on the growth of the automotive sector that will witness another round of price rise once the BS-IV norms are applicable in April this year. However, if there is more tightening of money supply in the industry, the automobile industry may get hurt as has still not recovered fully from the slowdown blues.

The tractor major will be raising prices across various models ranging from Rs 2,500 for 3-wheelers up to Rs 18,000 for the top end version of sports utility vehicle.