Close on the heels of Toyota Kirloskar Motors announcing a price hike from next month, Tata Motors today has announced that it will be increasing prices of its passenger vehicles, by Rs 5,000 up to Rs. 25,000, depending on the model. The increase will be effective from January 1, 2017.

According to Mayank Pareek, president, Passenger Vehicle Business, Tata Motors, “The increase in prices of raw material commodities like steel, aluminium, copper and rubber over a period of time has put a lot of pressure on us and we are forced to hike prices of our passenger vehicles. We are seeing good demand for our cars and have witnessed month-on-month growth thanks to the Tiago. We are gearing up for the launch of the Hexa in January 2017."

More from Tata Motors:

- Tata Motors Group posts flat global wholesales in November

- Tata Safari to replace Maruti Gypsy as new army vehicle