Indian legacy automaker Tata Motors announced on Sunday an imminent price hike across its passenger vehicle models starting February 1, 2024, PTI reports.
Price hike coverage
Tata Motors plans to increase the prices of its entire passenger vehicle portfolio, including electric vehicles, by 0.7% on average. As mentioned, it will take effect as soon as next month.
The move is necessary for the Indian electric automaker to compensate for the increasing input cost despite enjoying a positive global wholesale increase in early January.
The price hike will include its popular models, such as the Punch, Altoz, Tiago, Nexon, Harrier and Safari, among others in the brand’s passenger portfolio.
Tata Motors resists tax reduction on hybrid cars
Last Wednesday, Tata Motors reportedly discouraged the Indian government from cancelling its plans to lower taxes on hybrid cars. The Indian automaker contends that HEVs are more polluting compared to battery-electric vehicles.
“Any further incentivisation of hybrids will be a detriment to the climate goals and nation’s economy.”
Tata Motors reportedly wrote in a confidential letter to the department
Tata Motors’ November performance
In November 2023, Tata Motors reported a slight decline of 1.73% in its global sales to a total of 74,172 units from 75,478 units in the same period last year.
Its domestic sales also recorded a 1% drop to 72,647 units from 73,467 units in November 2022, Mint reports, citing the company’s regulatory filing.
It is worth noting that Tata Motors is not the only automaker to increase the pricing of their electric vehicle models. For instance, Maruti Suzuki announced a price hike on January 16 across its cars in the Indian market. According to the brand, the move is in response to the overall inflation and surging commodity prices.
