Tata Motors on Friday announced it will increase prices of its passenger vehicles from May 1 to offset the surge in input costs, reported PTI. The company in a statement said that the weighted average increase will be 0.6 per cent, depending on the variant and model. This will be the company’s second price rise for its passenger vehicle category after an increase in February.
Tata Motors offer a selection of passenger cars such as the Tiago, Tigor, and Altroz, as well as SUVs like the Punch, Nexon, Harrier, and Safari, for costs between Rs 5.54 lakh and Rs 25 lakh.
The company raised prices earlier in February by an average of 1.2 per cent across its portfolio of passenger cars with internal combustion engines (ICEs). Citing the new RDE requirements, Tata had also announced a 5 per cent price increase in the commercial vehicle segment across the board.
Tata Sales
Earlier this month, Tata Motors reported its total domestic wholesales increased by 3 per cent to 89,351 units in March compared to the same month last year. It said its passenger vehicle sales in the domestic market stood at 44,044 units last month, as compared to 42,293 units in the same month last year. Commercial vehicle sales in the domestic market stood at 46,823 units as against 47,050 units in March 2022.
Price increase by other companies
A price increase was also announced by other car makers like Kia India and Maruti Suzuki in the last few months.
Maruti Suzuki increased the prices of its vehicles with effect from April 1, 2023. An estimated weighted average of increase across all models stands at around 0.8 per cent. Maruti also cited “overall inflation and regulatory requirements” for the price rise.