News Highlights
- The auto giant will also increase the price of the recently launched Punch.ev next month.
- The company registered a 4.56 percent increase in its annual sales in the calendar year 2023, marking its best-ever performance.
Tata Motors, India’s leading vehicle manufacturer, announced on Sunday that it is going to implement a price hike of 0.7 percent on its entire passenger vehicle range, including electric variants, starting February 1st, 2024. The manufacturer said in a statement that it has decided to increase the costs of all Tata passenger vehicles in the country due to the rise in input costs. Tata has not shared the exact quantum of the price hike implemented on each car.
The company announced that the price surge will be implemented on all its electrical vehicles and internal combustion engine-powered cars as well. This means that variants like Harrier, Safari, Nexon, and Tiago will witness a price surge in their tags. Apart from Tata Motors, other carmakers in the country are also increasing the prices of their passenger vehicles. Maruti Suzuki has already hiked the prices of its entire PV range by up to 0.45 percent owing to the increased production costs. This move came after the company made an announcement in November 2023 that it would be increasing prices starting in January 2024. Tata Motors has also joined this race with other carmakers in India by surging the costs of its entire EV portfolio.
Read more: Maruti Suzuki Surged Prices of Entire Passenger Vehicle Range by 0.45 Percent
This is not the first time the manufacturer has decided to increase the prices of its models. Last year, on April 13, the company raised prices for its PV range by around 0.6 percent from May 1, 2023. The brand implemented a price hike three times in 2023. Tata Motors registered a 4.56 percent increase in annual sales at 550,838 units in the calendar year 2023, marking its best-ever performance.
The auto giant recently launched the Tata Punch EV in the Indian market as its second electric sports utility vehicle. The Punch EV is also its fourth EV after the Tiago, Nexon, and Tigor. The company will also increase the price of Punch.ev starting next month. Currently, it is available at a starting price of 10.99 lakh (ex-showroom), and it goes up to INR 14.49 lakh (ex-showroom).
Other automobile manufacturers in the country have also announced price surges over the last two months. The carmakers announced that they have decided to increase prices due to higher raw material costs, rising production costs, increasing inflation, etc.