Tata Motors on Friday announced it will hike the prices of its passenger vehicles by an average of 1.8 per cent depending upon the model and variant starting May 8. The auto major attributed the increase in input costs as one of the primary reasons for its move.
” With effect from May 8, the company will increase prices of its passenger vehicles, averaging 1.8 per cent, depending on the variant and model, Tata Motors said in a statement.
“Increase in prices of commodities, such as steel and precious metals, necessitates us to pass on a part of it through increase in price of our products,” Tata Motors President Passenger Vehicles Business Shailesh Chandra said.
However, the carmaker would offer protection from the price increase to customers who have booked vehicles on or before May 7.
Keeping in mind the interest of customers who have booked cars already, the automaker which sells models like Safari, Harrier and Nexon, is offering price protection for all bookings done till May 7, he added.
The price hike on model range would be effective for bookings made thereafter (May 8), Chandra noted.
Tata Motors, part of the Tata group, is a global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses. The auto major sells a range of vehicles starting from entry hatchback Tiago to newly introduced Safari SUV, priced between Rs 4.85 to Rs 21.4 lakh (ex-showroom Delhi).
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For the well-being of its business and supporting ecosystem, the company had recently announced that it has set in motion a comprehensive ”Business Agility Plan” to protect and serve the interests of its customers, dealers and suppliers.
Tata Motors is not the only carmaker to hike its prices. Maruti Suzuki India Ltd., the nation’s largest carmaker, also increased prices of select models by 1.6% from April.
Tata Motors remains one of the top vehicle manufacturers in India in terms of sales. In April, the carmaker clocked a total of 39,530 units in the domestic market and retained its position as the third biggest OEM in the country after Maruti and Hyundai.
