To make up for the rising input cost as well as rupee's devaluation, Tata Motors in line with other auto major has announced an increase in passenger vehicle price by up to Rs. 40,000 beginning new year.
The hike will be effected across various models. The company's range of passenger vehicle include entry-level car Nano to the premium Hexa and these are priced between Rs 2.36 lakh and Rs 17.97 lakh (ex-showroom Delhi). Tata Motor's premium SUV Harrier will be launched in January.
"The changing market conditions, rising input costs and various external economic factors have compelled us to consider this price increase," Tata Motors President of Passenger Vehicles Business Unit Mayank Pareek said in a statement.
The change in price shall be based on the car model as well as the city. Other players in the industry set to hike prices to offset double whammy include Maruti Suzuki India Ltd., Toyota Kirloskar, BMW and Isuzu.
Pareek said despite the price hike, Tata Motors is "optimistic on maintaining our growth trajectory in the coming year on the back of our robust portfolio".