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Tata Motors is planning to increase the prices of its passenger vehicles including electric cars from January 2024. The automaker has reportedly revealed the plan to increase the pricing of its entire range of cars on Monday, claimed PTI. Tata Motors currently sells a range of passenger vehicles starting from Tiago hatchback to premium SUV Safari, which come priced between ₹5.6 lakh and ₹25.94 lakh (ex-showroom). However, the homegrown car manufacturer has not specified the quantum of the proposed price hike.
The news agency has quoted a Tata Motors spokesperson saying that the auto manufacturer is considering a price hike across its entire passenger and electric vehicle range in January 2024. The extent of the price hike and exact details will be announced in a few weeks, the Tata Motors' spokesperson has reportedly said.
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The automaker has not revealed the reason behind the decision to hike the prices of its passenger vehicles and electric cars. However, car manufacturers usually increase the pricing of their respective models in India every year owing to rising inflation, increased raw material costs, higher production costs etc. In 2023 alone, various automakers have increased the pricing of their cars multiple times owing to the abovementioned reasons.
Tata Motors is not the only car manufacturer in India that is mulling the plan to increase the pricing of its passenger vehicles from January next year. India's biggest carmaker Maruti Suzuki is all set to hike the prices of its entire passenger vehicle range from the same month. Another homegrown auto giant Mahindra & Mahindra is also planning to increase the price of its passenger vehicles from January 2024. Among luxury automobile brands, Audi has similar plans for its range of cars. The German automaker plans to hike the prices of its cars by two per cent, owing to rising input and operational costs.