Tata Motors announces hike in passenger vehicles price
The company said that the reason for this sudden rise in the price of vehicles is due to the higher input costs.
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.
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.