Tata Motors to hike car prices by 0.7% from 1 February
22 Jan 2024
Tata Motors has announced plans to effect an increase in prices across its entire passenger vehicle range, including its electric vehicles, by an average 0.7 per cent, effective 1 February.
The company said the increase “is being taken to partially offset the rise in input costs.”
In 2023, Tata Motors had increased passenger vehicle prices thrice, resulting in a 2.4 per cent. The carmaker announced a 1.2 per cent increase in prices on 1 February 2023 across it ICE models, and followed it up by a 0.6 per cent increase on 1 May and another 0.6 per cent increase on 17 July 2023.
The company had increased PV prices four times in the previous fiscal - 0.9 per cent on 18 January, 1.1 per cent on 23 April, 0.55 per cent on 9 July and 0.9 per cent on 7 November 2022 - effecting a cumulative 3.45 per cent increase across its vehicle range.
Tata Motors passenger vehicle models include the Altroz, Harrier, Nexon (and Nexon EV), Punch (and Puch EV), Safari, Tiago (and Tiago TV), Tigor (and Tigor EV, X-Pres T) with powertrains across petrol, diesel, CNG and electric.
The latest price hike for its range of passenger vehicles comes ahead of the Union Budget and it is possible that it is followed by further hikes following budget announcements.
Tata Motors, meanwhile, reported a 4.56 per cent increase in annual wholesales at 550,838 units in the 2023 calendar year, its best-ever performance.
Helped by increased demand for its SUVs, particularly the Nexon and the Punch compact SUVs as also strong sales of its petrol, diesel, CNG and electric powertrains, , Tata Motors is also well on track to achieve sales of over 500,000 units in the ongoing fiscal year.
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