Automobile major Tata Motors announced a price hike on its passenger vehicle range, and said it will be effective from Saturday, January 23. The company has marginally increased prices from Rs 0 to Rs 26,000, depending on the variant. However, the company has said it will offer protection from the price increase to customers who have booked Tata passenger vehicles on or before January 21.
Tata Motors said rising input costs and material costs of steel, precious metals and semiconductors compelled the company to pass on a part of the cost to customers.
The country’s largest automobile manufacturer, Maruti Suzuki also recently hiked prices on select models by up to Rs 34,000 on account of rising input costs. The new prices came into effect from January 18.
In fact, almost every automobile company announced a hike in prices from January 2021 due to rising inputs costs, including Hyundai, Tata Motors, Mahindra, Ford and Renault.
“Tata Motors PV (Passenger Vehicle) business has been witnessing strong demand for its ‘New Forever’ range of Cars & SUVs and grew by 39% in FY21 over FY20. In Q3FY21, Tata Motors also registered the highest ever sales in last 33 quarters and continues to work on debottlenecking the supply chain and ramp up its output to meet the increased demand,” the company said in a statement.
Celebrating the first anniversary of its premium hatchback, the Altroz, Tata Motors had recently unveiled the new Altroz iTurbo. Tata Motors said the Altroz has garnered tremendous response from both customers and the industry since its launch in January 2020. Month-on-month sales have registered an increase and are seeing a consistent growth trajectory, the company added.
Tata Motors had recorded a 21% increase in its total domestic sales during December 2020 on a year-on-year basis, while Maruti Suzuki reported a growth of 20.2% in its overall sales during the same period.
With IANS inputs