- By Divanshi Sharma
- Tue, 23 Jan 2024 11:22 AM (IST)
- Source:JND
Tata Motors has revealed its plan to implement an average 0.7 per cent price hike across its entire range of passenger vehicles starting from February 1, 2024. The manufacturer has stated that the decision to raise prices is driven to prevent the increasing input costs. However, specific details about the new prices of all Tata models in India have not been disclosed.
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This comes as the latest move by any automaker in India to increase the pricing of its passenger vehicles. Maruti Suzuki has already announced a 0.45 per cent price hike across its entire range of passenger vehicles owing to the rising production costs. This move came after the automaker announced a price hike in November 2024. The latest move simply announced the extent of the price hike for Maruti Suzuki cars. Now, walking the same path, Tata Motors also announced that it will hike the prices of its cars by 0.7 per cent.
Tata Motors recently launched the Punch EV for the Indian market marking the brand's fourth electric car and second electric SUV. Tata currently sells multiple models in the markets which includes models like the newly launched Punch EV, Nexon EV, Tigor EV, and Tiago EV in its electric models lineup. In its ICE lineup, it sells popular models like Harrier, Safari, Nexon, Punch, Altroz, Tigor and Tiago.
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In the past two months, not only Tata Motors and Maruti Suzuki but many other automobile manufacturers in India have announced that they will be increasing prices of their models. Most manufacturers have attributed this increase in prices to increasing input costs due to higher inflation and the cost of materials going up. Basically, this means that buying a car in India might be more expensive in 2024. However, the car companies are optimistic that people will continue to buy cars even with the higher prices.
