Tata Motors will hike the prices of its passenger vehicles across its fleet beginning May 8. The auto major said the price of Tata cars will be increased by an average of 1.8%, depending on the model and the variant.
Meanwhile, customers who have booked the carmaker's vehicles on or before May 7 will be shielded from the hike, the company said.
Tata Motors' announcement follows several other automakers going for price spikes on select models in recent times.
The company has attributed the price hike to a rise in price of commodities such as steel and precious metals.
"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. Keeping in mind the interest of customers who have booked cars already, we are offering price protection for all bookings done on or before May 7, 2021. Our 'New Forever' product range continues to witness strong acceptance in the market and we are thankful to our customers for their continued trust in the brand," said Shailesh Chandra, President - Passenger Vehicles Business.
Tata Motors also increased prices across its commercial vehicle range in January this year.
The auto major had recently announced that it has initiated a comprehensive 'Business Agility Plan' to safeguard the interests of its customers, dealers, and suppliers.