Tata Motors to hike prices of its PVs from May
Tata Motors, an Indian carmaker, to counteract the rise in input prices, has announced a 0.6% partial price increase on its passenger vehicles beginning May 1. In February of this year, the business raised prices by an average of 1.2% across its portfolio of passenger cars with internal combustion engines (ICEs). It will be the second price rise this year for the company’s passenger automobiles. According to the company’s statement, the version and model of the car will determine the weighted average increase of 0.6%. With costs ranging from $7,500 to $33,500, the firm offers a variety of passenger vehicles, including cars like the Tiago, Tigor, and Altroz, as well as SUVs like the Punch, Nexon, Harrier, and Safari. The corporation claims that rising input costs and regulatory changes are to blame for the price increases. Tata Motors has been bearing a substantial share of these rising costs but is now forced to pass on some of the burdens through this price increase.
NewsOTG gathered that Tata Motors being one of India’s biggest automakers commands a large portion of the market for the country’s passenger cars. Due to increased input costs and a lack of semiconductors, which has had an effect on the global automobile sector, the company has decided to raise pricing. In the recent past, the automobile sector has faced a number of difficulties, such as supply chain interruptions, rising commodity prices, and regulatory changes. In order to cover these expenses, numerous automakers have announced price increases.
Tata Motors’ most recent price increase is probably going to have an effect on how many of its cars people want to buy, particularly at a time when the COVID-19 pandemic is upsetting the Indian economy. Nonetheless, Tata Motors is anticipated to maintain its market position in the Indian automotive sector due to the rising demand for personal vehicles and the company’s high brand value. As a result of rising input costs and regulatory changes, Tata Motors has decided to raise the prices of its passenger vehicles by 0.6% starting on May 1. Although it is unclear how this price increase would affect the business’s sales in the upcoming months, Tata Motors is predicted to keep a sizable market position in the Indian automotive sector thanks to its high brand recognition and broad product line.