Tata motors hikes price of passenger cars
Tata Motors, one of India’s largest automakers, has announced an increase in the prices of its passenger vehicles. From Saturday July 9, there will be an average price hike of 0.55 per cent across the range, depending on the variants and models. The automaker has cited increased input cost for the price hike. Other automotive brands in the Indian markets had also raised the prices of their vehicles citing similar reasons. Also, this is not the first time that Tata Motors is increasing the price of its cars this year.
The Indian automaker had in April this year increased the prices of its models by an average of 1.1 per cent on a model and variant basis. The increase in the prices of Tata cars in the Indian market became effective from April 23, 2022. And after three months, the prices have increased once again.
Similarly, the company had announced a price hike in January 2022 with an average increase of 0.9 per cent depending on the version and model. The Indian automaker had given similar reasons for the price hike at that time.
Other brands like Toyota and Skoda have also hiked the prices of some models citing rising cost. It is to be noted that the auto industry is facing severe shortage of semiconductor chip along with supply chain disruptions, which has led to increase in input cost for manufacturing of vehicles.
The increased input cost is not only affecting the Indian car market, but the two wheeler market is also bearing the brunt. Recently, Hero Motocorp had announced an increase in the prices of its models for the same reason.
