Tata Motors, the indigenous automotive manufacturer in India, has announced that it will be implementing a price hike for its passenger vehicles effective from May 1st. According to the company’s official statement, this decision has been made in response to the increase in input costs. Depending on the variant and model, the average price hike is expected to be around 0.6 per cent. This is the second time that the automaker has increased its vehicle prices, the first being in February.
“Tata Motors has been absorbing a significant portion of the increased costs on account of regulatory changes and a rise in overall input costs and is hence compelled to pass on some proportion through this hike,” the Tata group firm said.
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The company has emphasized that it has been absorbing a significant portion of the increased costs caused by regulatory changes and the general rise in input expenses. However, it has become necessary for them to pass on a proportion of these costs to the customers through this price hike. This trend is being followed by other carmakers who are also facing the challenge of increasing raw material and other expenses leading to higher costs.
Tata Motors sells a variety of passenger vehicles in India, including cars like Tiago, Tigor, and Altroz, as well as SUVs such as Punch, Nexon, Harrier, and Safari. These vehicles’ prices vary from INR 5.54 lakh to INR 25 lakh. While the automaker has not specified the exact amount of price hikes on each model, customers can expect to pay slightly more for their favorite Tata Motors vehicles from May 1st onwards.