MUMBAI: Tata Motors is the latest producer to join the string of car makers that have decided to ring in the new year with steep auto prices, driven by rising inputs costs.On Monday, the company said it will raise prices of its entire fleet of passenger vehicles by up to Rs 25,000 starting January 2018. Various auto producers including Toyota Kirloskar Motor, Honda Cars and Skoda have recently announced their intent to jack up prices on their products from next year.
“The changing market conditions, rising input costs, and various external economic factors have compelled us to consider the price increase,” said Mayank Pareek, president, passenger vehicle business, Tata Motors in a statement. He added that the company was optimistic on maintaining its growth trajectory in the coming year on the back of a robust product portfolio like Tiago, Hexa, and Tigor.
The introductory prices of the recently launched lifestyle compact SUV, Nexon will end in December and the entire range will also witness a price hike from January 2018.While Isuzu announced price increases of up to Rs 1 lakh on its product range, Toyota said the proposed increased will be up to 3 per cent.