Tata Motors Announces 0.7% Price Hike Across Vehicle Range, Effective From February 1

(MENAFN- KNN India) New Delhi, Jan 23 (KNN)
Tata Motors, one of India's leading automobile manufacturers, has declared a price increase of approximately 0.7 percent across its vehicle lineup, including electric vehicles (EVs).

The price adjustment, set to take effect from February 1, 2024, is a strategic move by the company to mitigate the impact of rising input costs.

While the specific percentage increase for individual models remains undisclosed, Tata Motors has communicated a weighted average rise of 0.7 per cent.

The extent of the hike will vary depending on the particular variant and model.

Consequently, popular models like the Tiago, Nexon, Harrier, and Safari are expected to experience a surge in their price tags.

Even the recently launched Punch EV, which initially entered the market with an introductory price tag of Rs 11 lakh, ex-showroom, is anticipated to be impacted by the price adjustment.

With a significant market share in India, Tata Motors currently sells a diverse range of internal combustion engine (ICE) cars. The company has also established a strong presence in the electric vehicle market, particularly with its segment-leading model, the Nexon EV.

The manufacturer recently unveiled updates to its Nexon range, along with its Safari and Harrier SUVs, indicating a commitment to enhancing its product offerings.

This decision to raise prices follows a similar move by Tata Motors in April 2023 when it increased prices for its passenger vehicle range by approximately 0.6 per cent, effective from May 1st.

Despite these previous adjustments, the company has achieved an impressive 9 per cent growth in overall passenger vehicle sales, including electric vehicles, in the domestic market.

December 2023 recorded sales reaching 43,470 units, reflecting a notable increase from 40,043 units in December 2022.

(KNN Bureau)

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