NEW DELHI: Tata Motors’ cars and SUVs are all set to get more expensive as the automaker has decided to go for another price hike this financial year. In May 2021, Tata Motors passenger vehicles saw their prices increased by up to Rs 36,400 while in January 2021, the same had gone up by Rs 26,000.
“The steep climb in overall input costs, especially due to continuing rise in costs of essential raw material including steel and precious metals, necessitates a transfer of at least some part of this increase to end customers,” Tata Motors said on Monday. The hike will most likely be applicable to all the six products from the brand - Tiago, Tigor, Altroz, Nexon, Harrier and the recently launched Safari. A formal announcement about the quantum of price increase is likely to be made soon.
Tata Motors is not the only automaker that has decided to increase the prices of its product the second time this FY and the third time this calendar year 2021. On Sunday, Honda Cars India said it intends to take a similar step from August, while the market leader Maruti Suzuki had last month announced that it would implement a price hike during the July-September quarter.
Rajesh Goel, Senior VP and Director, Marketing and Sales, Honda Cars India, said, “Our endeavour is to keep the cost of acquisition lower, so we are currently deliberating on how much of the additional cost we can absorb and how much will be inevitable to be passed on to our customers. The revised prices will be implemented from next month.”The recent price hikes are a big setback for consumers who are already facing the burden of high fuel prices.