Following the hike in prices by Automative Giants like Mahindra & Mahindra and Maruti Suzuki, another Indian Automaker Giant Tata Motors has decided to raise the prices of its vehicles with effect from 1st of February, 2024. The decision to increase prices comes as a response to the escalating Production Costs and the adjustments have been made effective immediately on specific variants of the popular Electric and SUV variants.
As per reports from Automobile sector, the Automaker has decided to implement an average price hike of up to 0.7% on all passenger vehicles, including electric variants surrounded by the well-known models of Tata Motors such as Punch, Altroz, Tiago, Nexon, Harrier and Safari among other vehicles in the passenger lineup.
The decision has been 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 of January.
It is worthwhile to mention here that the Indian automotive industry has witnessed a trend with various automotive manufacturers, including industry giant Maruti Suzuki that resorting to similar price hikes in the early months of Financial Year 2024.
