Tata Motors on Monday has indicated that it will soon increase the price of new-age cars. The homegrown auto manufacturer has said that it will soon increase the price of the 'New Forever' range of models. A formal announcement will be made soon, informed the automaker.
(Also Read: Honda to hike car prices from August as input costs rise: Report)
This means prices of the Tata cars and SUVs such as Tiago, Tigor, Altroz, Nexon, Harrier, Safari will go up soon. Tata Motors has attributed the reason for this price hike to the steep climb in overall input costs, due to the continuous rise in essential raw materials like steel and precious metals.
It is yet to be revealed what would be the increased price and quantum of price hike for each model. The automaker has seen its new generation car and SUV range reviving its passenger vehicle business. In this scenario, a price hike might impact the sales figures.
Tata Motors is not the only brand to announce a price hike recently. A number of auto manufacturers had previously hiked prices for their respective passenger vehicles and two-wheelers citing the same reason. They also increased price recently citing higher input costs as the reason.
Among other automobile brands, Maruti Suzuki, Honda Cars India, Hero MotoCorp, Mercedes-Benz too have announced price hikes recently.
Maruti Suzuki has announced that it will hike car prices in the July-September quarter. Mahindra cars are likely to pricier as a hike is possible. Mercedes-Benz increased its car prices last month. Among the two-wheeler majors, Hero MotoCorp has announced a price hike of up to ₹3,000 across its entire range just a few days ago.
The auto sales across the country are reviving slowly after a slump a few months back due to the devastating second wave of the Covid-19 pandemic. The price hike along with the surging prices of petrol and diesel are feared to impact this recovery.