Indian automaker, Tata Motors has announced to increase the price of its Internal Combustion Engine (ICE) vehicles from February 1.
Effective February 1, 2023, the weighted average increase will be 1.2%, depending on the variant and model, making the ex-showroom prices of all the gasoline and diesel powered vehicles of the India auto major go up by Rs 7000 – 15,000.
The company cited increase in input cost as the primary reason for the price hike.
Releasing a press statement, the company said, “Tata Motors has been absorbing a significant portion of the increased costs on account of regulatory changes & rise in overall input costs and is hence passing on some portion through this hike.”
It is pertinent to mention here that Tata Motors had hiked prices of its cars and commercial vehicles in November 2022 by 0.9%.
Tata Motors is one of the largest manufacturers of passenger vehicles in India, with a wide range of cars and SUVs available in the market. The company's portfolio includes models such as the Tata Nexon, Tata Altroz, Tata Tiago and Tata Harrier.
Tata's current line-up starts with the Tata Tiago. The entry-level variant of the car starts at a price of Rs 5.44 lakh.
It may be mentioned here that the price hike is limited to only ICE portfolio and not the EVs.