Tata Motors said on Saturday it has decided to increase its passenger vehicle prices by 0.55 per cent with immediate effect to partially offset the impact of rising input costs."A weighted average increase in price of 0.55 per cent will come into effect starting Saturday across the range, depending upon the variant and model," Tata Motors said in a statement.
The company said it has decided to hike the vehicle prices due to a sharp increase in input costs.
However, Tata Motors claimed that it has taken extensive measures to absorb a significant portion of the rise in input costs.
"The company has taken extensive measures to absorb a significant portion of the increased input costs. However, to offset the residual impact of the accumulated increase in input costs, it is passing on a minimized price hike," Tata Motors said in the statement.
The company has already increased prices of its commercial vehicles by 1.5 to 2.5 per cent. The increase in prices of commercial vehicles came into effect from 1st July 2022 across the range, depending upon individual models and variants.
"While the company takes extensive measures to absorb a significant portion of the increased input costs, at various levels of manufacturing, the steep rise in overall input costs makes it imperative to pass on a residual proportion via a minimised price hike," Tata Motors had said in a statement released on June 28.
With operations in India, the UK, South Korea, Thailand, South Africa and Indonesia, Tata Motors' vehicles are marketed in Africa, the Middle East, South & South East Asia, Australia, South America, Russia and other CIS countries.
( With inputs from ANI )
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