Tata Motors on Sunday stated that it will increase the price of all passenger vehicles, including electric vehicles (EVs), by 0.7 per cent.
The price increase will take effect on 1 February 2024 to partially cover hikes in input prices, according to a release.
“This increase will be effective February 1, 2024 and is being taken to partially offset the rise in input costs,” the company release read.
Earlier this month, the carmaker reported that its overall worldwide wholesales climbed by 9 per cent year on year to 3,38,177 units in Q3FY24. The company’s commercial vehicles and Tata Daewoo line sold 98,679 units globally in Q3 FY24, representing a 1 per cent year-on-year increase.
In the passenger vehicles segment, Tata Motors’ global wholesales came in at 1,38,455 units in Q3FY24 at a growth of 5 per cent on-year.
JLR’s global wholesales were 101,043 units in Q3 FY24, a 27 per cent increase YOY. Jaguar and Land Rover wholesale sales for the quarter were recorded at 12,149 and 88,894 vehicles, respectively.
Tata Motors stated that these numbers exclude the volume of CJLR, a joint venture between JLR and Chery Automobiles that is an unconsolidated subsidiary of JLR.
Likewise, on 16 January, Maruti Suzuki India announced an increase in the price of its cars in India. The firm blamed the price increase on rising costs caused by general inflation and higher material prices.
“While the Company makes maximum efforts to reduce cost and offset the increase, it may have to pass on some increase to the market. This price shall vary across models,” the automaker said in a release.
The price hike was announced in November last year but it came into effect from 16 January 2023.
