Automaker Tata Motors announced on Saturday that it has hiked the prices of its passenger vehicles effective April 23 by an average of 1.1 per cent.
The company, in an official statement, explained that it has hiked the prices of its passenger vehicles in order to partially offset the rise in input cost.
"Effective April 23, the weighted average increase is 1.1 per cent, depending on the variant and model," Tata Motors said
Tata Motors is not the only automaker that has announced a price hike in April.
On April 18, India's largest automaker Maruti Suzuki also said that it will hike prices of cars across models due to the rise in input costs. It added that the weighted average increase across models is at 1.3 per cent- ex-showroom prices (Delhi), according to an exchange filing. The hike came into effect on April 18.
Maruti Suzuki had announced earlier this month that it will increase prices of its entire range of vehicles since the sector continues to be impacted by rise in several input costs. "Therefore, it has become imperative for the company to pass on some impact of the above additional costs to customers through a price hike. We have planned this price rise in April 2022. The increase shall vary for various models," the company stated.
The automobile giant has hiked vehicle prices by almost 9 per cent from January last year to March this next due to the rise in input costs.
On April 14, Mahindra and Mahindra announced a price hike of 2.5 per cent on its range of vehicles. The firm explained that the hike would result in an increase of Rs 10,000 to Rs. 63,000 on the ex-showroom prices across the range depending upon the model and the variant. The hike came in effect on April 14, 2022.
Mahindra and Mahindra, in an official statement, said that the price revision is a result of a continuous increase in prices of key commodities such as steel, aluminium, palladium, etc.
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