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Indian automaker Tata Motors has revealed plans to increase prices across its range, including electric vehicles (EVs), starting February 1, 2024. The price adjustment, averaging 0.7%, aims to partially counter the impact of rising input costs. This follows the company's earlier decision to raise prices for its commercial vehicle models, such as the Tata Ace, Tata Intra, and Tata Winger, from January 2024, addressing residual impacts from previous input cost escalations.
In a trend reflective of industry challenges, other automakers like Maruti Suzuki, Mahindra & Mahindra, Honda Cars India, and Audi have also implemented price hikes recently, citing increased cost pressures due to overall inflation and elevated commodity prices.
Tata Motors, despite the pricing adjustments, reported a 4% surge in total domestic sales for December 2023, selling 76,138 units compared to 72,997 units. The growth was particularly notable in the passenger vehicles (PV) segment, including electric vehicles, where the company achieved a 9% increase in sales, selling 43,470 PV units in December 2023, up from 40,043 units in December 2022.
Also Read : Tata Motors inks with LeadIT for greener future BHEL bags order worth ₹9,500 cr to set up 1,600 MW thermal project from NTPC
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