Tata Motors, an Indian automaker, announced on Friday that it will raise the prices of its passenger vehicles beginning May 1, 2023, to offset an increase in input costs. Tata Motors said in a statement that the weighted average increase will be 0.6%, depending on the variant and model. The exact price increase has not yet been disclosed by the company.
This will be the Tata Motors’ second price increase for its passenger vehicles, following an increase in February 2023.
“The weighted average increase will be 0.6%, depending on the variant and model. Tata Motors has been absorbing a significant portion of the increased costs on account of regulatory changes and rise in overall input costs and is hence compelled to pass on some proportion through this hike,” Tata Motors said in a statement.
Tata Motors sells passenger vehicles such as the Tiago, Tigor, and Altroz, as well as SUVs such as the Punch, Nexon, Harrier, and Safari, with prices ranging between Rs 5.54 lakh and Rs 25 lakh. Given this, the price increase could range between Rs 3,000 and Rs 15,000. The most expensive models may see the greatest increase.
Earlier this year, the Tata Motors raised prices on its internal combustion engine (ICE) passenger vehicle portfolio by an average of 1.2%.
This comes just a few days after Audi announced a price increase of up to 2.4% on some of its vehicles in India. The company claimed that the price increase is due to an increase in customs duty and input costs. The government mandated the BS6 Phase II standards, which went into effect on April 1.
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