Tata Motors announce a price hike of 0.7 percent on all vehicles, effective from February 1
Tata Motors is the latest automaker to join the price increase choir, announcing a 0.7 percent increase across its passenger vehicle portfolio, which includes electrified cars. According to the company's announcement, the price increase will take effect on February 1, 2024, to partially cover increases in input prices.
The homegrown automaker claimed the necessity to partially offset rising input prices as the key basis for this move. Despite this declaration, the particular updated pricing for individual Tata vehicles following the hike has not been released.
The car sector has seen a trend, with other manufacturers, including industry leader Maruti Suzuki, implementing comparable price increases in the first months of FY24. Maruti Suzuki cited inflation and rising commodity prices as reasons for the move, with the exact proportion of the price increase varying by model.
Interestingly, Tata Motors has opted to implement this price raise globally, impacting not only internal combustion engine-powered automobiles but also electric vehicles in its range. This decision follows the recent debut of the Tata Punch EV, the brand's latest electric SUV and the fourth electric vehicle in its portfolio, alongside the Nexon EV, Tigor EV, and Tiago EV.
Currently, the Indian automaker has seven ICE models on sale apart from the four EV models. This includes the Tiago, Tigor, Punch, Altroz, Nexon, Harrier, and the Safari.
Earlier this month, the carmaker reported that its overall worldwide wholesales climbed by 9 percent year on year to 3,38,177 units in Q3FY24. The company's commercial vehicles line sold 98,679 units globally in Q3 FY24, representing a 1 percent year-on-year increase.
In the passenger car market, Tata Motors' worldwide wholesales came in at 1,38,455 units in Q3FY24, a rise of 5 percent on-year.
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