Tata Motors is set to increase prices across its entire passenger vehicle range, including electric vehicles (EVs), by an average of 0.7% on February 1, 2024, as stated by the company in a recent announcement. The decision is attributed to the rising costs of production.
In a statement issued by the company, the price hike is a response to the increased production costs. Tata Motors reported a 1.73% decline in overall global sales in November 2023, amounting to 74,172 units compared to 75,478 units in the same month of the previous year. Domestic sales also saw a 1% decrease, with total domestic sales at 72,647 units last month compared to 73,467 units in November 2022.
The overall sales of passenger vehicles (PV), including electric vehicles (EV), stood at 46,143 units, a slight decline from 46,425 units in the same period the previous year. In the domestic market, PV sales, including EVs, saw a marginal increase at 46,068 units in the last month compared to 46,037 units in November 2022.