Tata Motors cars become costlier by 3% from January 1
What's the story
Tata Motors, one of the leading Indian automakers, has announced that it will increase the prices of its vehicles by up to 3% across its passenger vehicles portfolio. The adjustment will also apply to electric vehicles (EVs) and is scheduled for implementation in January 2025. The company cited rising inflation as the primary reason behind the decision.
Details
Price hike to vary across models and variants
Tata Motors has clarified that the price hike won't be uniform across all models and variants. The company said, "The price increase will vary depending on the model and variant and is being taken to partially offset the rise in input costs and inflation." This move is part of Tata Motors's strategy to mitigate the financial impact of rising input costs due to inflation.
Industry trend
Other automakers follow suit with price adjustments
Tata Motors isn't the only one to revise vehicle prices. Other automobile giants in India including Maruti Suzuki India (MSIL), Mahindra & Mahindra, JSW Motor India, and Hyundai India have also announced similar price hikes from January. MSIL plans to hike prices by up to 4%, while M&M and JSW will increase theirs by up to 3%. Hyundai plans to hike car prices by up to ₹25,000. Kia has announced a price hike of 2% across its entire range.
Luxury market status
Luxury car market to witness 3% hike
In the luxury car market, Mercedes-Benz India plans to hike prices by up to 3% starting January, with increases ranging from ₹2 lakh for the GLC to ₹9 lakh for the top-end Mercedes-Maybach S 680 luxury limousine. Audi India has also announced a price increase of up to 3% across its model range, citing higher input and transportation costs. Similarly, BMW India plans to raise prices for its vehicles by up to 3% beginning January next year.