New Delhi: Tata Motors announced that it will increase prices of its passenger vehicles by an average of 1.8 per cent depending upon the model and variant from May 8, in order to partially offset the rise in input costs.
With effect from May 8, the company will increase prices of its passenger vehicles, averaging 1.8 per cent, depending on the variant and model, Tata Motors said in a statement.
"Increase in prices of commodities, such as steel and precious metals, necessitates us to pass on a part of it through increase in price of our products," Tata Motors President Passenger Vehicles Business Shailesh Chandra said.
Keeping in mind the interest of customers who have booked cars already, the automaker which sells models like Safari, Harrier and Nexon, is offering price protection for all bookings done till May 7, he added.
Read More: Tata Motors drives in new Tiago trim with automatic transmission
The price hike on model range would be effective for bookings made thereafter (May 8), Chandra noted.
Tata Motors sells a range of vehicles starting from entry hatchback Tiago to newly introduced Safari SUV, priced between Rs 4.85 to Rs 21.4 lakh (ex-showroom Delhi).
For the well-being of its business and supporting ecosystem, the company had recently announced that it has set in motion a comprehensive 'Business Agility Plan' to protect and serve the interests of its customers, dealers and suppliers.
Citing similar reason, the company raised the prices of passenger vehicles by up to Rs 20,000 early this year.
"Rising input costs and material costs of steel, precious metals and semiconductors have compelled the company to pass on the part of the cost to customers," Tata Motors said in a regulatory filing last January.
(With Agency Inputs)
