On Saturday, July 9, auto major Tata Motors announced a price hike for its passenger vehicles. Starting today the cost of the average vehicle across all variants is increased by 0.55%.
The company said that the reason for this sudden rise in the price of vehicles is due to the higher input costs. “The company has taken extensive measures to absorb a significant portion of the increased input costs. However, to offset the residual impact of the accumulated increase in input costs, it is passing on a minimized price hike,” said Tata Motors in a statement.
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Earlier this year in April, Tata Motors had increased the price of passenger vehicles by 1.10% and the price of commercial vehicles by 2.5%.
On July 8, Tata Motors reported a 48% year-on-year growth in sales during the first quarter of 2022-23. The company is also focusing to strengthen its EV arm to fulfil the rising demand.