The auto major has hiked prices by 1.1 percent on average to partially offset the rise in input cost. Maruti Suzuki, too, recently hiked the prices of its cars
Tata Motors on April 23 raised the prices of its passenger vehicles (PVs) with immediate effect to partially offset the rise in input cost, the second vehicle maker to go for a hike in less than a week after Maruti Suzuki India.
Tata Motors’ weighted average increase would be 1.1 percent, depending on the variant and model, CNBC-TV18 reported. This is the second hike by the vehicle manufacturer in less than a month. On March 22, Tata Motors announced that it would hike prices of its commercial vehicle (CVs) range by 2-2.5 percent, depending on the model and variant, with effect from April 1.
In a filing with the exchanges, Tata Motors called the CV price hike “impending price”. India’s largest commercial vehicle manufacturer cited an increase in the prices of commodities such as steel, aluminium and other precious metals, in addition to higher costs of other raw materials, as reasons for the hike.
“While the company has initiated actions to absorb a significant portion of the increased costs, at various levels of manufacturing, the steep rise in overall input costs makes it imperative to pass on some residual proportion via a minimised price hike,” the statement said.
The country’s top carmaker Maruti Suzuki India on April 18 on average increased the prices of all its models (ex-showroom Delhi) by 1.3 percent.
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