Tata Motors to hike passenger vehicle, EV prices from February 1: Details here
Tata Motors, India’s leading auto manufacturer, announced on Sunday, January 21, its decision to implement an average price hike of up to 0.7% on all passenger vehicles, including electric variants, with effect from next month. This increase will be effective February 1, 2024, and is being taken to partially offset the rise in input cost, Tata Motors said in a statement. The company is grappling with escalating input costs, despite reporting positive global wholesale growth earlier this month.
Moreover, the increase will be implemented across the complete spectrum of passenger vehicles-- including electric variants--encompassing well-known models such as Punch, Altoz, Tiago, Nexon, Harrier and Safari among others in the passenger lineup. The company had on July 3 last year raised prices across all its vehicle models. The auto manufacturer disclosed a marginal 1.73% decrease in its global sales for November 2023, reporting a total of 74,172 units compared to 75,478 units in the corresponding month of the previous year.
The domestic market also experienced a slight dip, with total sales reaching 72,647 units, reflecting a 1% decline from the 73,467 units recorded in November 2022, as stated in the company's regulatory filing. Last Wednesday, the company urged the Indian government not to cut taxes on hybrid cars as they are more polluting than pure electrics, countering calls from Toyota for lower levies, reported Reuters. "Any further incentivisation of hybrids will be a detriment to the climate goals and nation's economy," Tata wrote in a confidential letter to the department, the report said.
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