Tata Motors on Saturday announced that it has raised the prices of its passenger vehicle range with immediate effect in a bid to partially offset the impact of rising input costs. The auto major said in a statement, that the weighted average increase in price of 0.55% will come into effect starting Saturday across the range, depending upon the variant and model. The company has taken extensive measures to absorb a significant portion of the increased input costs, it said.
“However, to offset the residual impact of the accumulated increase in input costs, it is passing on a minimised price hike,” it added. The company sells a range of models including Punch, Nexon, Harrier and Safari in the domestic market. Tata Motors has already hiked prices of its commercial vehicles range by 1.5 – 2.5% from this month, according to news agency PTI report.
Meanwhile the automobile major’s global wholesales including luxury car brand Jaguar Land Rover, increased by a whopping 48% in the quarter ending June 2022 (Q1FY23) period to 3,16,443 vehicles compared to the same quarter last year. According to the regulatory filing, global wholesales of all Tata Motors commercial vehicles and Tata Daewoo range in the first quarter of FY23 were at 1,03,529 units higher by 97%, over Q1 of FY22. In Q1FY23, global wholesale of all passenger vehicles stood at 2,12,914 units higher by 32% as compared to Q1 FY22.
Notably, in its quarter under review, global wholesales for Jaguar Land Rover were at 82,587 vehicles ( JLR number for Q1FY23 includes CJLR volumes of 10,772 units). In terms of model-wise, Jaguar wholesales for the quarter were 14,596 vehicles, while Land Rover wholesales for the quarter were 67,991 vehicles.
Meanwhile earlier this month, Tata Motors announced its June monthly and Q1FY23 sales data excluding Jaguar Land Rover sales. On July 1, Tata Motors data revealed that total domestic sales jumped 2,25,828 units up by 110% in Q1FY23 compared to sales of 1,07,786 units in the same quarter last year. Meanwhile, total domestic passenger car sales skyrocketed by 102% in Q1FY23 to 1,30,125 units compared to 64,386 units in the corresponding period a year ago. Overall, domestic and international market sales stood at 2,31,248 vehicles, compared to 1,14,784 units during Q1 FY22.