Tata Motors will increase the price of passenger vehicles including EVs. An average price hike of 0.7 percent has been announced. The new price will be effective from February 1. Tata Motors has increased the price of commercial vehicles by three percent from January 1.
The prices of commercial vehicles like Tata Ace, Tata Intra and Tata Winger have increased since January. Tata Motors says that the reason for the increase in the price of vehicles is the increase in the cost of vehicle manufacturing materials. In general, car manufacturers announce price hikes at the beginning of the year. Not only Tata but other automakers have also announced price hikes.
Maruti Suzuki has announced a 0.45 percent price hike on its vehicles. Maruti Suzuki cited inflation and the rise in the cost of construction materials as the reason behind the hike in vehicle prices. Since January 16, the prices of Maruti Suzuki vehicles have increased by an average of 0.45 percent. Apart from Maruti and Tata, Mahindra & Mahindra, Honda Cars India and luxury car maker Audi have also recently increased their vehicle prices.
Tata has performed well in the Indian automobile market in 2023. Tata Motors was targeting a four percent increase in domestic sales in December 2023. Tata sold 72,997 vehicles in December 2022 and 76,138 vehicles last December. Tata Motors has also made great progress in the passenger vehicle segment, including electric vehicles. Tata sold 40,043 passenger vehicles in December 2022 and increased it to 43,470 in December 2023. Tata Motors managed to capture 73% of the EV passenger vehicle market in India. Tata Motors sold 59,580 electric cars in India in 2023, while second-placed MG sold only 9,430.
Volvo Cars India has increased the prices of its electric cars. Apart from increasing the price of XC40 Recharge and C40 Recharge, Volvo Cars India has increased the price of other models by two percent. The XC40 Recharge is priced at Rs 57.90 lakh and the C40 Recharge is priced at Rs 62.95 lakh. The prices of Volvo’s ICE models XC60 (Rs 68.90 lakh), S90 (Rs 68.25 lakh) and XC90 (Rs 1 crore) have also changed.
Summary:
Auto News, Tata Motors Announces Price Hike for Passenger Vehicles in February