Automotive major Tata Motors announced on Saturday a weighted average price increase of 1.1% across its passenger vehicle (PV) range, owing to surging input costs.
The company had taken an average price hike of 0.9% on its PVs in January as well. Its PV range includes hatchbacks like Tiago and Altroz, Tigor compact sedan, and SUVs like Nexon, Harrier, and Safari.
Tata Motors has announced a price increase across its PVs, to partially offset the rise in input cost, the company said. “Effective today (April 23, 2022), the weighted average increase is 1.1%, depending on the variant and model,” it added.
The prices of aluminum, palladium, rhodium, rubber, and copper have increased anywhere between 15% and 50% over their average prices in the second half of 2021, further pushing input costs. The steel prices have nearly doubled during the same period.
The commercial vehicle range of Tata Motors has also witnessed a couple of price hikes this year, with the prices climbing by up to 2.5% each in January and April. Earlier this month, Maruti Suzuki India increased the prices of its vehicles between 0.9% and 1.9%, while Mahindra & Mahindra and Toyota Kirloskar Motor hiked prices by up to 2.5% and 4%, respectively.
Among the luxury automakers, Mercedes-Benz India and Audi India have increased the prices of their vehicles by up to 3% in April. The prices of BMW India’s vehicles have jumped by 3.5%, while Volvo Car India’s vehicles have witnessed a price hike of up to 4% this month.