- Tata Motors has announced a 0.7 per cent price hike for all of its passenger vehicles, effective from 1st February 2024.
Tata Motors on Sunday announced that it will increase prices of its entire passenger vehicle portfolio by 0.7 per cent on an average from 1st February 2024. The homegrown automobile giant has claimed that the decision to increase the prices of all Tata cars in India has been taken to partially offset the rise in input costs. However, the auto manufacturer has not revealed what would be the revised pricing of its cars after the price hike.
This comes as the latest move by any automaker in India to increase the pricing of its passenger vehicles. Maruti Suzuki has already announced a 0.45 per cent price hike across its entire range of passenger vehicles owing to the rising production costs. This move came after the automaker announced a price hike in November 2024. The latest move simply announced the extent of the price hike for Maruti Suzuki cars. Now, walking the same path, Tata Motors also announced that it will hike the prices of its cars by 0.7 per cent.
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Tata Motors also announced the price hike will be applicable for all of its internal combustion engine-powered cars as well as electric vehicles. Interestingly, this move comes immediately after the launch of the Tata Punch EV, which has been introduced to the Indian market as the brand’s second electric SUV and fourth electric car after the Nexon EV, Tigor EV and Tiago EV.
Besides Tata Motors and Maruti Suzuki, several other car manufacturers in India have already announced price hikes over the last two months. These automakers have attributed the price hike moves to rising production costs, increasing inflation, higher raw material costs etc. In a nutshell, such price hike moves will further increase the pressure on Indian car buyers in 2024. However, the automakers hope that the sales momentum will continue despite the price hike.
First Published Date: 21 Jan 2024, 11:34 AM IST