New Delhi — Tata Motors Passenger Vehicles said Friday it will increase prices by up to 1.5 percent across its passenger vehicle portfolio, including internal combustion engine and electric models, effective July 1.
The company announced the price revision in an exchange filing.
Tata Motors said the increase is intended to partially offset rising input costs and continued inflationary pressures.
The company said it continues to absorb a significant portion of the cost escalation internally, while passing on part of the increase to customers through the latest price adjustment.
The extent of the price hike will vary by model and variant.
The increase will apply across Tata Motors’ passenger vehicle range, including conventional fuel-powered vehicles and electric offerings.
According to the automaker, the revision has been calibrated to ensure that the overall value proposition of its products remains intact despite cost pressures.
Following the announcement, shares of Tata Motors Passenger Vehicles traded higher at Rs 385.60 on the BSE.
Several leading automakers have turned to calibrated price increases in recent months to protect margins while continuing to invest in new products and technology.
Last month, Hyundai Motor India announced a price increase of up to Rs 12,800 across its model range from June, citing rising input costs, higher commodity prices and increased operational expenses.
Maruti Suzuki India also announced a price hike of up to Rs 30,000 across its portfolio from June, attributing the decision to sustained increases in input costs.
Mahindra and Mahindra had also revised prices for its SUV and commercial vehicle range earlier this year. (Source: IANS)
