Tata Motors raises prices for all passenger vehicles to offset high input costs

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Tata Motors raises prices for passenger vehicles with immediate effect

Tata Motors said on Saturday it had raised passenger vehicle prices by an average of 0.55%, effective immediately. The automaker attributed the rise in prices of its vehicles to rising input costs. The increased prices will not be applicable to customers who have already made reservations.

“A weighted average price increase of 0.55% will take effect from Saturday across the range, depending on variant and model,” according to a statement from Tata Motors.

The company said it had taken all necessary steps to absorb rising input costs before making the decision to raise final prices for customers.

“However, to offset the residual impact of the cumulative increase in input costs, it passes on a minimized price increase,” the statement added.

Earlier in July, the company raised prices for commercial vehicles due to rising input costs. A price increase of around 1.5 to 2.5% was applied to all utility vehicles from July 1st.

Tata Motors is the third largest passenger vehicle manufacturer in India. The passenger car models sold by the company in India include Tiago, Tigor, Altroz, Punch, Harrier, Nexon and Safari.

The company’s global wholesale sales in the first quarter of fiscal 2022-23 (FY23), including Jaguar Land Rover, were 3,16,443, up 48% from the prior year period .

Worldwide wholesale sales of all Tata Motors commercial vehicles and the Tata Daewoo range in 01 FY23 were 1,03,529, up 97%, compared to the same period of FY22. Worldwide wholesale sales of all passenger vehicles in the quarter were 2,12,914, up 32% from Q1 FY22. Jaguar Land Rover’s worldwide wholesale sales were 82,587 vehicles (JLR number for 01 FY23 includes CJLR volumes of 10,772 units). Jaguar’s wholesale sales for the quarter were 14,596 vehicles, while Land Rover’s wholesale sales for the quarter were 67,991 vehicles.

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