Tata Motors, one of India’s leading automobile manufacturers, has announced that it will hike the prices of its passenger vehicles, including electric vehicles (EVs), by 0.7 percent from February 1, 2024. The price hike is aimed at partially offsetting the rise in input costs faced by the company.
The price increase will affect popular Tata models like the Tiago, Nexon, Harrier, Safari, and the recently launched Punch EV. The exact percentage increase for each model and variant has not been disclosed yet.
Tata Motors is a dominant player in the growing electric vehicle market in India, with its segment-leading model, the Nexon EV. The company recently updated its Nexon range, as well as its Safari and Harrier SUVs.
Despite the price adjustments, the company has achieved a commendable 9 percent growth in overall passenger vehicle sales, including electric vehicles, in the domestic market. December 2023 witnessed sales reaching 43,470 units, compared to 40,043 units in December 2022.
The decision to raise prices comes after Tata Motors implemented a similar move in April 2023 when it increased prices for its passenger vehicle range by approximately 0.6 percent, effective from May 1st.