Tata Motors To Hike Passenger Vehicle Prices By Up To Rs 25,000
Tata Motors follows Renault India and Toyota Kirloskar in hiking prices of its vehicles
Home-grown auto major Tata Motors Ltd., said it will hike prices of its passenger vehicles by up to Rs 25,000 from next month in order to offset increased input costs.
The company will increase prices of its passenger vehicles starting from Rs 5,000 up to Rs 25,000 depending on the model, the company said in a statement. The hike is effective from January 1.
The increase in prices of raw material commodities like steel, aluminium, copper and rubber over a period of time has put a lot of pressure on us and as a result, we are forced to hike prices of our passenger vehicles.Mayank Pareek, President-Passenger Vehicle Business, Tata Motors
The company is witnessing good demand for its cars and has saw month-on-month growth on the back of the recently-launched Tiago, Pareek added.
Tata Motors sells a range of passenger vehicles, including the entry-level small car Nano, the newly launched hatchback Tiago and crossover vehicle Aria, at a price range of Rs 2.18-17.29 lakh (ex-showroom Delhi).
On Sunday, Renault India announced plans to increase prices of its vehicles by up to 3 percent from next month to offset increased input costs.
Earlier, Toyota Kirloskar Motor had announced hike in prices of its vehicles by up to 3 percent from next month to offset increased input cost and consistent upward trend in foreign exchange rates.
Shares of Tata Motors ended Monday’s trading session lower by 1.95 percent at Rs 455.05 on the National Stock Exchange.
