Tata Motors, one of India's largest automakers, has announced that it will be increasing the prices of its passenger vehicles starting February 1, 2023. The company cites the rising input costs as the primary reason for the price hike.
According to a statement released by Tata Motors, the price increase will vary across different models and will be in the range of 1.2%. This means that customers can expect to pay slightly more for Tata's popular models such as the Tata Tiago, Tata Altroz, and Tata Harrier.
The price hike comes at a time when the automotive industry is already facing a slowdown due to the COVID-19 pandemic. However, Tata Motors has reported strong sales in recent months, thanks to the launch of new models and the increasing demand for personal mobility.
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Despite the price increase, Tata Motors' passenger vehicles are still expected to remain competitively priced in the market. The company is known for offering high-quality vehicles at affordable prices, which has helped it to gain a large customer base in India.
In addition to the price hike, Tata Motors has also announced that it will be increasing the prices of its commercial vehicles from next month. The company has not yet revealed the extent of the price increase for commercial vehicles.
The company's main competitor, Maruti Suzuki, also announced a price increase of 1.1% on their models earlier this month due to similar cost pressures. India has mandated that all automakers must comply with stricter fuel efficiency regulations by April of this year and will also require all cars to have six airbags by October.
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