Tata Motors, a prominent auto manufacturer, has revealed plans to implement a 0.7% price increase across its passenger vehicle lineup, including electric vehicles. The adjustment is scheduled to take effect from February 1, 2024, and is intended to counterbalance the escalating input costs. This move comes after Tata Motors had previously raised prices by around 0.6% for its passenger vehicle range in April 2023, with the increase becoming effective from May 1 of the same year.
In the automotive industry, there is a prevailing trend of price hikes, and several manufacturers, including major player Maruti Suzuki, have followed suit in the early months of the fiscal year 2024. Maruti Suzuki attributed their decision to inflation and increased commodity prices, and the extent of the price hike varied among different models within their lineup. This indicates a broader industry response to economic factors impacting production costs.