Tata Motors announces price hike, Nexon, Harrier and other cars to get costlier from May 1

Indian automaker Tata Motors on Friday announced that it will increase the prices of its passenger vehicles from May 1, 2023 to partially offset the increase in input costs. The weighted average increase will be 0.6%, depending on the variant and model, Tata Motors said in a statement. The company has not revealed the exact price hike right now.

This will be the second price hike by the automaker for its passenger vehicles after it had increased the price in February 2023.

"The weighted average increase will be 0.6%, depending on the variant and model. Tata Motors has been absorbing a significant portion of the increased costs on account of regulatory changes and rise in overall input costs and is hence compelled to pass on some proportion through this hike," Tata Motors said in a statement.

The company sells a range of passenger vehicles, including cars such as Tiago, Tigor and Altroz; and SUVs such as Punch, Nexon, Harrier and Safari, with prices ranging from Rs 5.54 lakh and Rs 25 lakh. Considering this, the prices may hike somewhere between Rs 3,000 and Rs 15,000. The top-end models may see the biggest increase.

Earlier in February this year, the company had increased prices across its internal combustion engine (ICE) portfolio of passenger vehicles by an average of 1.2%.

This comes just a few days after Audi announced that it is raising the price of some of its cars by up to 2.4% in India. The company claimed that it is hiking the price due to the increase in customs duty and input costs. The government had mandated the BS6 Phase II norms, which have come into affect from April 1.

With inputs from PTI.

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