Tata, Honda and Toyota cars become pricier from August. Know more1 min read . Updated: 02 Aug 2021, 06:07 PM IST
The auto companies announced price hike in the first and second quarter of 2021 as well, citing increased input cost.
- Toyota Innova Crysta MPV has become expensive by 2% with the latest price hike effective from August 1.
Consumers buying cars from select brands in India have to pay more from this month. Honda and Toyota Kirloskar Motor previously announced a price hike that is applicable from August 1. Tata Motors too hinted at a price hike.
This is not the first time, different auto companies have increased the price of their respective vehicles. This is the third time, the auto companies have increased the price of their vehicles.
In the first and second quarters of this year, several car brands increased the prices of their specific models. The car companies cited increased input costs to justify the price hike.
Tata Motors has announced a price hike for its range of cars, effective from August 3. With this, all the tata cars will be pricier by an average of 0.8%, depending on the variant and model.
Shailesh Chandra, President of the Passenger Vehicles Business Unit at Tata Motors, previously said that the company witnessed a very steep price hike for steel and precious metals over the last year. "The financial impact of the increase in commodity prices is in the range of 8-8.5% of our revenues in the past one year," he further added.
Previously in May 2021, Tata Motors increased the prices of its cars by up to 1.8%. In January 2021 as well, it announced a price hike of up to ₹26,000.
Among other car brands, Honda Cars India had also announced a price hike for its entire product range in India. The Japanese auto manufacturer increased the price of its cars in February and April by up to ₹20,000 and ₹10,000 respectively. The latest price hike comes on the back of increased production cost, as Honda has cited.
Earlier last month, Toyota announced a price hike for its Innova Crysta MPV by 2%. The Japanese auto giant previously increased Toyota Innova Crysta price by ₹26,000 in April this year.