regular-article-logo Friday, 29 September 2023

Tata Motors to raise prices in May

The weighted average increase will be 0.6 per cent, depending on the variant and model, the homegrown auto firm said in a statement

Our Special Correspondent Mumbai Published 15.04.23, 04:37 AM
Cost impact

Cost impact File picture

Tata Motors on Friday said it will increase prices of its passenger vehicles from May 1 to partially offset an increase in input costs.

The weighted average increase will be 0.6 per cent, depending on the variant and model, the homegrown auto firm said in a statement. This will be the second price hike by the company for its passenger vehicles after it had increased them in February.


“Tata Motors has been absorbing a significant portion of the increased costs on account of regulatory changes and a rise in overall input costs and is hence compelled to pass on some proportion through this hike,” the Tata group firm said.

The company sells a range of passenger vehicles, including cars such as Tiago, Tigor and Altroz, and SUVs such as Punch, Nexon, Harrier, and Safari, with prices ranging between Rs 5.54 lakh and Rs 25 lakh.

Earlier in February this year, the company had increased prices across its internal combustion engine (ICE) portfolio of passenger vehicles at an average of 1.2 per cent.

This move by Tata Motors comes two weeks after the country’s largest car maker Maruti Suzuki increased the price of its vehicles by an average of 0.8 per cent.

Last month, the company had announced that it will increase prices of its model range in April to partially offset the impact of “overall inflation and regulatory requirements”. Maruti pointed out that it continues to witness increased cost pressure driven by overall inflation and regulatory requirements.

From April 1, vehicles are required to have an on-board self-diagnostic device to monitor the real-time driving emission levels, conforming to the stricter emission norms.

Tata Motors recently reported an 8 per cent year-on-year increase in group global wholesales, including that of Jaguar Land Rover (JLR).

The group global wholesales stood at 3,61,361 units in the fourth quarter of 2022-23. Global wholesales of all Tata Motors’ commercial vehicles and Tata Daewoo range in the January-March period this year stood at 1,18,321 units, up 3 per cent over the same period of 2021-22.

Global sales of JLR stood at 1,07,386 vehicles in the March quarter, whichcomprised 15,499 units of Jaguar and 91,887 units of Land Rover.

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