Tata Motors increases prices of passenger vehicles across all models, variants

Tata Motors on Monday announced that it will increase the prices of all passenger vehicles across all models and variants. According to the company, the new prices will be effective from July 17. The company has announced an average hike of 0.6 per cent across models and variants.

According to a statement released by the company, the prices of Electric Vehicles (EVs) will also be increased. The price increase is to offset the residual impact of past input costs, it added.

The auto major noted that it will offer price protection to bookings made up to July 16, 2023 and deliveries up to July 31, 2023. 

Tata Motors sells a range of passenger vehicles including Punch, Nexon and Harrier.

Over the weekend, Maruti Suzuki reported a two per cent increase in total sales to 1,59,418 units in June, missing analysts’ estimates. Tata Motors reported a better-than-expected five per cent increase in domestic passenger vehicle sales to 47,235 units, but a worse-than-estimated eight per cent fall in total commercial vehicle sales to 34,314 units. 

Domestic passenger vehicle sales, including electric vehicles, were at 47,235 units as compared to 45,197 units in the same month a year ago, a growth of 5 per cent, Tata Motors said in a statement.

Tata Motors Passenger Vehicles Ltd and Tata Passenger Electric Mobility Ltd Managing Director Shailesh Chandra said the passenger vehicle industry in Q1 FY24 witnessed a robust demand driven by new launches, especially in the SUV segment and EVs.

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On the commercial vehicles (CV) front, total sales were down 8 per cent at 34,314 units as compared to 37,265 units in June last year. Domestic CV sales were down 4 per cent at 33,148 units as against 34,409 units in the year-ago month, the company said.

Tata Motors Ltd Executive Director Girish Wagh said the company’s CV domestic sales in Q1 FY24 were at 82,225 units, 14.1 per cent lower than Q1 FY23 sales.

With PTI inputs