Tata Motors shared on Sunday that it will raise the prices of its cars, including electric ones, by 0.7 percent.
The increase will be applicable to all passenger vehicles starting from February 1, 2024.
This decision aims to partly manage the rising input costs, as mentioned in the company’s statement.
Earlier this month, Tata Motors reported a 9 percent year-on-year growth in total global bulk sales for Q3FY24, reaching 3,38,177 units.
The commercial vehicles and other Tata vehicles saw a 1 percent growth in global wholesale sales, totaling 98,679 units.
In the passenger vehicle segment, global bulk sales for the same period amounted to 1,38,455 units, showing a 5 percent annual growth.
Notably, Jaguar Land Rover experienced a substantial 27 percent year-on-year growth in global wholesales during Q3FY24, with 101,043 units sold.
The wholesale sales for Jaguar and Land Rover were 12,149 and 88,894 units, respectively.
Tata Motors clarified that these figures exclude the volumes of CJLR, a joint venture with Chery Automobiles and a non-consolidated subsidiary of JLR.
It’s worth mentioning that other automakers, like Maruti Suzuki India, have also raised their car prices.
Maruti Suzuki linked the price hike to increased costs due to inflation and rising commodity prices.
The company stated that, despite efforts to reduce costs, passing on some of the burden to the market was necessary.
The price increase was announced in November last year but took effect from January 16, 2023.
