Following a price hike by Mahindra & Mahindra and Maruti Suzuki, another Indian automaker Tata Motors has decided to raise the prices of its vehicles from February 1.
As per reports, the automaker has decided to implement an average price hike of up to 0.7% on all passenger vehicles, including electric variants--encompassing well-known models such as Punch, Altroz, Tiago, Nexon, Harrier and Safari among others in the passenger lineup.
The decision has been taken to partially offset the rise in input cost, Tata Motors said in a statement. The company is grappling with escalating input costs, despite reporting positive global wholesale growth earlier this month.
It is worthwhile to mention here that the Indian automotive industry has witnessed a trend, with various manufacturers, including industry giant Maruti Suzuki, resorting to similar price hikes in the early months of FY24.
Maruti Suzuki cited inflation and heightened commodity prices as reasons for their decision, with the actual percentage of the price hike varying across models.
Mahindra & Mahindra, the renowned Indian automotive manufacturer, has recently implemented a price hike on its flagship SUVs - Scorpio-N, Thar, and XUV700.
The decision to increase prices comes as a response to the escalating production costs, and the adjustments have been made effective immediately on specific variants of these three popular SUV models.