Carmaker cites increased input costs as reason for the price hike, its first in CY2023. In CY2022, Tata Motors had hiked PV prices four times cumulatively by 3.45 percent.
Tata Motors, which continues to witness strong demand in the passenger vehicle market and is the strong No. 3 player after Maruti Suzuki and Hyundai Motor India, has announced a price increase across its internal combustion engine (ICE) vehicle range.
Effective from February 1, 2023, the weighted average price increase will be 1.2%, depending on the variant and model. In a statement today, Tata Motors said: “The company has been absorbing a significant portion of the increased costs on account of regulatory changes and rise in overall input costs and is hence passing on some portion through this hike.”
It may be recollected that the company increased PV prices four times in CY2022 with the cumulative price hike working out to 3.45% – 0.9% on January 18, 1.1% on April 23, 0.55% on July 9 and 0.9% on November 7, 2022.
On track to achieve 500,000 sales in FY2023
Tata Motors, which retails seven models – Altroz, Harrier, Nexon (and Nexon EV), Punch, Safari, Tiago (and Tiago TV), Tigor (and Tigor EV) – achieved its best-ever annual sales in CY2022 with 526,798 PVs including 8% EVs. It is now set to cross its half-a-million sales target for FY2023, for the first time in a fiscal year.
In the first nine months of FY2023, Tata Motors has clocked total wholesales of 408,097 units, up 64% YoY (April-December 2021: 249,249 units) comprising 135,177 cars (up 28%), 268,570 utility vehicles (up 89%) and 4,340 vans (up 125%).
The company is the UV market leader, ahead of both Maruti Suzuki and Mahindra & Mahindra, and has increased its UV market share in the April-December 2022 period to 18.27% from 13.71% a year ago. The company has four UVs on offer of which the Nexon, India’s best-selling UV, has sold 127,888 units in the first nine months of FY2023. The Nexon is followed by the Punch (99,750 units), Harrier (24,446 units) and Safari (16,486 units).
With three months left for FY2023 to close, Tata Motors is well on track to achieve its targeted sales of 500,000 units including 50,000 EVs in the ongoing fiscal year. It is, at present 91,913 units away from the half-a-million sales milestone.
Tata Motors, which has an order book of 20,000 units for the recently launched Tiago EV, has commenced deliveries of the sub-Rs 10 lakh electric hatchback this month. Given the additional volumes from the new car, Tata Motors could well cross the 50,000-unit monthly sales mark for the first time in January or February.
The carmaker is also making strong gains from sales to fleet operators with its XPres-T electric sedan for which it has received bookings for 23,000 units worth Rs 3,000 crore.
Given the market momentum it is witnessing, the company is also getting future-ready with manufacturing capacity. On January 10, it completed acquisition of Ford India’s Sanand plant which unlocks an additional state of-the-art manufacturing capacity of 300,000 units per annum which is scalable to 420,000 units per annum.
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