Tata Motors, a domestic automaker, said on Saturday that it had increased the prices of passenger vehicles with immediate effect. The automaker has blamed rising input costs for pushing up vehicle prices. Customers who have already made a reservation will not see a price increase.
Tata Motors has increased the price of passenger vehicles with immediate effect
According to a statement from Tata Motors, an average increase of 0.55% will apply to the entire range from Saturday, depending on the variant and model.
It further states that the company has taken comprehensive measures to absorb a significant portion of the increased input costs.
“However, to offset the residual effect of the increase in input costs, the minimum cost is increasing,” the statement said.
The company raised rates on commercial vehicles in early July due to rising input costs. Prices of all commercial vehicles have gone up by 1.5 to 2.5 per cent since July 1.
In the first quarter of fiscal year 2022-23 (FY23), the company’s global wholesale sales, which included Jaguar Land Rover, increased by 48% over the previous year to 3,16,443.
Tata Motors is an indigenous vehicle manufacturer and the third largest passenger vehicle manufacturer in India. The company sells Tigor, Punch, Altroz, Nexon, Tiago, Harrier and Safari models in the domestic market.