Homegrown automaker Tata Motors on Monday announced that it will increase prices of its passenger vehicles, on an average of 0.8%, depending on the variant and model from 3rd August. Moreover, the automaker is also offering price protection on all retail till 31 August 2021.
“Continuing with its commitment towards customers, and acknowledging the faith and confidence they have reposed in Tata Motors’ New Forever range, the company will offer protection from the price increase to vehicles that will be retailed on or before 31st August 2021” Tata Motors said in a statement.
“For the wellbeing of its business and supporting ecosystem, Tata Motors had recently announced that it has set in motion a comprehensive ‘Business Agility Plan’ to protect and serve the interests of its customers, dealers and suppliers,” it further added. Note that the price protection is applicable only on vehicles retailed/ billed on or before 31st August 2021.
The hike in passenger vehicle prices comes in the backdrop of the automaker aims to offset the steep rise in procurement cost of essential materials. The Mumbai-based auto major sells a range of passenger vehicles including cars like Tiago, Nexon, Harrier and Safari in the domestic market.
Meanwhile, earlier this month, the country’s largest carmaker Maruti Suzuki India also hiked prices of hatchback Swift and CNG variants of other models by up to Rs 15,000 to counter increase in input costs. Similarly, Honda has also announced to increase prices of its entire model range in India from August, as it looks to offset the impact increase in commodity prices.
Toyota Kirloskar Motor, the Indian subsidiary of the Japanese automaker also jumped on the price hike bandwagon recently, announcing that it will increase prices of one of its most popular cars in India, i.e. the Toyota Innova Crysta. From 1 August 2021, prices of the popular MPV Crysta in India went up by 2 per cent.
Kawasaki Motor also joined the list of automakers to have increased the prices for their vehicles. The Japanese automaker said that the prices of select Kawasaki motorcycles in India will go up come 1 August 2021. Along with the announcement, the company also released the new price list of its entire portfolio of bikes in India.
