Tata Motors hikes prices of its cars, cites market conditions and input costs
Tata Motors has hiked prices of all its cars in its 'New Forever' range and has blamed factors like evolving market conditions and change in input costs as the reason behind this decision.
The 'New Forever' range from Tata Motors includes cars such as the Altroz, Harrier, Tigor, Tiago and Nexon.
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"Tata Motors has revised the prices of its 'New Forever' range of passenger vehicles . This revision in prices is considering evolving market conditions, changes in input costs and other economic factors," a statement issued by the company late Wednesday informed.
While the exact extent of price hike would vary from model to model, it is being reported that some variants of the Altroz for instance, has received a price hike of about ₹6,000. Similarly, some of the variants of Nexon are now more expensive by ₹5,000. The price hike on the Tiago is reportedly between ₹9,000 and ₹13,000, while some variants of the Harrier are now dearer by ₹5,000.
Hikes of and around the ₹10,000 mark may or may not put off prospective customers, especially in the SUV segment. Current market sentiments, however, are likely to not take the price hikes too well. Several OEMs are offering discounts of varying extent in a bid to lure customers in the aftermath of the national lockdown. With the festive season here, prospective customers too would perhaps eye better deals and lower prices to convince themselves of high-value purchases like in the case of automobiles.