Tata Motors Hikes Passenger Vehicle Price With Immediate Effect

Tata Motors, the homegrown auto manufacturer, said on Saturday that it has raised passenger vehicle prices with effect from immediate effect. The automaker blamed the increase in vehicle prices on rising input costs. Customers who have already made reservations will not be affected by the price increases.

According to a statement from Tata Motors, a weighted average increase in the price of 0.55% will come into effect starting Saturday across the range, depending upon the variant and model.

It added, the company has taken extensive measures to absorb a significant portion of the increased input costs.

"However, to offset the residual impact of the accumulated increase in input costs, it is passing on a minimised price hike," the statement added.

Due to rising input costs, the company increased the rates of commercial vehicles earlier in July. With effect from July 1, all commercial vehicles received a 1.5-2.5 per cent price hike.

In the first quarter of the fiscal year 2022-23 (FY23), the company's global wholesales, which included Jaguar Land Rover, were 3,16,443, up 48 per cent from the previous year.

Tata Motors is a homegrown auto manufacturer, and it ranks third-largest passenger vehicle manufacturer in India. The company sells a range of models including Tigor, Punch, Altroz, Nexon, Tiago, Harrier and Safari in the domestic market.