Tata Motors will increase the prices of its passenger vehicles from January, 2017, a company release stated. Passenger vehicles including Nano, Tiago, Bolt, Indica, Zest, Indigo eCS, Sumo Gold, Safari Dicor & Storme and Xenon XT will be costlier by Rs 5,000 to Rs 25,000, depending on the model. The company has attributed this increase in prices to the impact of various macro-economic factors.
According to Mayank Pareek, President, Passenger Vehicle Business, Tata Motors, “The increase in prices of raw material commodities like steel, aluminium, copper and rubber over a period of time has put a lot of pressure on us and as a resultant we are forced to hike prices of our passenger vehicles. We are seeing good demand for our cars and have witnessed month on month growth owing to the TIAGO. We are gearing up for our next launch of the HEXA in January 2017."
Despite demonetisation of Rs 500 and Rs 100 notes in the country, the carmaker has sold 91,832 units of cumulative (including Jaguar Land Rover) vehicle. The company registered a growth of 1 percent as compared to November, 2015. The cumulative wholesale was at 727,726 units, which is higher by 8 percent, over the financial year (FY) 2015-2016.
The global wholesale of all passenger vehicles in November, 2016 was at 64,862 units, an increase of 5 percent, corresponding to November, 2015. Cumulative passenger vehicles wholesale for the fiscal stood at 473,924 units, higher by 6 percent over FY15-16.