Tata Motors announces price hike, effective 1st February
Tata Motors has announced price hike across its entire range of ICE vehicles by 1.2 percent from 1st February, 2023. The Indian carmaker cited rising input costs and increased costs on account of regulatory changes as the main reason for the price hike.
According to Tata Motors, the increase in prices will vary depending on the model and variant of the vehicle. The company said that the hike will be applicable on all ICE Tata Motors passenger vehicles, including the Tiago, Tigor, Punch, Altroz, Nexon, Harrier and Safari.
Several other manufacturers will also announce similar hikes in prices as the industry is preparing to introduce BS6 Phase 2 products. Tata Motors said that the price hike will help the company to offset the rising costs of raw materials and other inputs, which have been impacted by the recent increase in commodity prices.
They claim, the company has been absorbing a significant portion of the increased costs. They hope that the price hike will help it to maintain its profitability and continue to invest in product development and expansion.
It remains to be seen how the market will react to the price hike.