Tata Passenger Vehicles to See Price Hike from February 1: 0.7% Increase Due to Input Cost Escalation Decisions

From February 1, 2024, Tata Motors is set to increase the prices of its passenger vehicles, including electric vehicles (EVs), by 0.7%. The company stated that this adjustment is necessary to offset the rising input costs. Tata Motors has been consistently facing increased expenses, prompting this incremental hike. Similarly, Maruti Suzuki had earlier increased the prices of all its models by 0.45% starting from January 16. Apart from Tata Motors and Maruti Suzuki, Mahindra has also raised prices for various models, including Thar, Scorpio, Scorpio Classic, and XUV700. This trend reflects the automotive industry’s response to cost pressures and inflationary factors.

In Q3FY24, Tata Motors recorded sales of 138,455 passenger vehicles. The company announced that its total global sales for Q3FY24, representing the third quarter of the financial year 2024, increased by 9% annually to reach 338,177 units. During the same quarter, global sales of passenger vehicles witnessed a yearly growth of 5%, totaling 138,455 units.

Starting from January 1, 2024, Tata Motors has increased the prices of its commercial vehicles by 3%. A month earlier, on December 10, the company had announced a 3% price hike for all its commercial vehicles, which came into effect from January 1, 2024.