NEW DELHI: Tata Motors has announced a price increase across its internal combustion engine (ICE) portfolio of passenger vehicles effective February 1, 2023. The weighted average increase will be 1.2%, depending on the variant and model.
“The company has been absorbing a significant portion of the increased costs on account of regulatory changes and rise in input costs and hence passing on some portion through this hike,” Tata Motors said in a statement.
The announcement comes after the company reported a net profit of Rs 2,958 crore for the quarter ending December 31, 2022 (Q3FY23). Earlier, Maruti Suzuki announced a price hike of up to 1.1% across its portfolio. Hyundai too raised vehicle prices earlier this month.