The reason why Tata Motors is hiking PV prices by up to₹60,000 from April 1

Tata Motors today said it would hike prices of its passenger vehicles (PV) by up to ₹60,000 from April 1 to offset rising input costs.

The company sells a range of passenger vehicles beginning with Gen X Nano at a starting price of ₹2.28 lakh to premium SUV Hexa with price going up to ₹17.42 lakh (ex-showroom Delhi).

"The rising input costs, changing market conditions and various external economic factors, have compelled us to consider the price increase," Tata Motors president, Passenger Vehicle Business, Mayank Pareek said.

He however said the company is optimistic on maintaining its growth trajectory in the coming year on the back of a "robust product portfolio like Tiago, Hexa, Tigor and Nexon."

Last week, German luxury carmaker Audi announced price hike in the range of ₹1-9 lakh, effective April 1 to pass on the impact of increased customs duty in the Budget.