Tata Motors, India’s leading vehicle manufacturer, has announced a price hike of its passenger vehicles. A weighted average increase in price of 0.55% will come into effect starting Saturday, across the range, depending upon the variant and model.
As per a company press release, Tata Motors has taken extensive measures to absorb significant portion of the increased input costs. However, to offset the residual impact of the accumulated increase in input costs, it has passed on a ‘Minimum’ price hike.
Earlier on June 28, the vehicle manufacturer had said that it wilould increase the price of its commercial vehicle range.
“An increase in price in the range of 1.5-2.5%, will come into effect from 1st July 2022 across the range, depending upon individual model and variant,” a press statement had said.
However, no statements have yet released from Tata about the implementation of hiked price on its commercial vehicles.
Pertinent to mention here that the global wholesales of Tata Motors Group in Q1 FY23, including Jaguar Land Rover, were at 3,16,443 numbers, higher by 48%, as compared to Q1 FY22.
Global wholesales of all passenger vehicles in Q1 FY23 were at 2,12,914 numbers, higher by 32% as compared to Q1 FY22.