Mumbai: Auto giant Tata Motors on Friday announced an increase in the prices of its passenger vehicles (PVs) from May 1. Prices of all its variants and models of cars is likely to go up on an average of 0.6%, Tata Motors said in a filing to the exchanges (BSE-NSE).
2nd time PVs’ price hike this year
If you want to buy a Tata Motors car, you have a chance to buy a slightly cheaper car till April 30, or in next 15 days. After that, all the company’s cars will be more expensive. This is the second time since February 2023 that the company has announced a price hike for its passenger vehicles this year.
Input cost attributed for price hike
Tata Motors also explained the reason for the price hike in the filing. The company said it has decided to raise the prices of its passenger vehicles due to new regulatory changes and increase in overall input costs.
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Commercial vehicle prices were hiked by 5% from April
Earlier, Tata Motors had jacked up the prices of its commercial vehicles by 5% from April. In February, Tata Motors announced an average 1.2% price hike for all its ICE passenger vehicles.
Tiago-EV price increased by around ₹20,000
From February 10, Tata Motors had hiked the price of its Tiago-EV by around ₹20,0000. The second phase of BS6 has been implemented in the country from April 1 and due to this, the making cost of the company’s car has also gone up. That is why companies are increasing the prices of their vehicles.
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Tata Motors sells a range of passenger vehicles, including cars like Tiago, Tigor and Altroz and SUVs like Punch, Nexon, Harrier and Safari. They are priced between ₹5.54 lakh and ₹25 lakh. On Thursday, April 13, Tata Motors stock closed up ₹3.35 (0.72%) at ₹468.85.
