Tata Motors joins other OEMs in increasing prices
The increase is to reflect higher input costs
Tata Motors announced a price increase across its passenger vehicles range, to partially offset the rise in input costs. The price increase which comes into effect beginning today has a weighted average increase of 1.1 percent , depending on the variant and model, the company said in a statement.
The development comes days after Maruti Suzuki which increased prices on April 18 for its entire product portfolio by an average of 1.3 percent. The increases was to offset rising input costs
Likewise, Mahindra & Mahindra (M&M) took its second price increase in the past three months, increasing it by nearly 2.5 percent across its entire range of SUVs.
Last month leading luxury car makers including BMW, Toyota, Mercedes-Benz and Audi announced a price increase across their model line-up from April 1. While BMW saw its price tag increasing by around 3.5 percent across all its model range, Toyota on the other hand, is believed to have increased the sticker prices of its car by close to 4 percent. Furthermore, Mercedes-Benz India hiked its vehicle prices averaging 3 percent and Audi increased it by 3 percent across all its product lines.
The commodity prices which have been on an upward trajectory for the last to years and seems to be showing no signs of cooling down amidst the inflation caused by geopolitical tensions. For instance, steel and aluminium which form a significant part of automobile manufacturing has seen their price touching sky. The same holds for other materials including that of crude which forms an important constituent in tyre manufacturing.
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