Tata Motors, whose passenger vehicle (PV) business is seeing strong demand in the domestic market, has announced that it will be increasing prices of its PV range by up to Rs 25,000, starting April 2019. The company says the price hike is due to rising input costs and external economic conditions.
According to Mayank Pareek, president, Passenger Vehicle Business Unit, Tata Motors, “The changing market conditions, rising input costs and various external economic factors have compelled us to consider this price increase. We are confident of maintaining our growth trajectory in the coming months on the back of our robust portfolio consisting of segment-leading products like the Tiago, Hexa, Tigor, Nexon and the Harrier.”
In the first 11 months of FY2019, Tata Motors has sold a total of 211,159 units – 122,592 cars, 69,741 UVs and 18,826 vans – which marks smart year-on-year growth of 12.78 percent. In terms of PV market share, the carmaker has increased its gains to 6.84 percent in April 2018-February 2019.