Tata Motors to Hike of Select Models from May, this year
TAta motors to increase the price of the select models manufactured by the compnay.
Tata Motors is one of the largest auto manufacturers in the nation, the company has recently made a announcement that it would be increasing the prices of the select model of the passenger vehicles. This new hike would be applicable for all cars beginning from 1st May,2023. Defining the Quantum of increase, the company has stated that the mode and the car's variant would determine the price changes. However, the cars would have an average increase of about 0.6%. the company has cited increased input costs and regulatory changes for the price hike of the vehicles in India.
Tata motors would be absorbing a significant portion of the increased costs on account of regulatory changes and rise in overall costs and hence it would be compelled to pass on few proportion through this hike.
With this effect, the vehicles of the Indian automaker such as Tata Nexon, Harrier, Safari, Tiago, Tigor, Punch and Altroz would gain numbers on the price tag. The company would make the announcement that the new prices of the next month for these vehicles. Depending on the current announcement, the increase in the price of the vehicle would range from Rs. 3000 to Rs. 15,000. The upper limit of the hike might be applicable for the most expensive variant of the Tata Safari, which is worth around Rs. 25 lakh (Ex-showroom).
Earlier, in the month of February, the company has made a announcement that it would be increasing the vehicles prices. The increased prices would come into effect starting from 1st April, 2023. At that time, the company stated the price were increased mainly due to implementation of stricter emission norms, additionally, the Indian auto manufacturers also upgraded its vehicles to comply with BS6 phase II emission norms.
The effects of the rising input costs as well as implementation of stricter emissions norms have been consistent throughout the Indian auto industry. Multiple manufacturers like Maruti Suzuki, Hyundai, Honda and others have hiked the prices of these vehicles.