Tata Motors: We observed price increases in many vehicles, including both personal and passenger cars, almost annually. Many automakers also have plans to raise the price of a wide range of vehicles in various categories in the new year. A number of passenger car manufacturers have also declared their intention to raise prices starting in January 2024, including Maruti Suzuki, Hyundai Motor India, Tata Motors, Mahindra & Mahindra, Honda, and Audi. On Sunday, Tata Motors also revealed an increase in prices across the board for its commercial vehicle lineup. The vehicle manufacturer has declared that starting on January 1, 2024, the price of its commercial vehicles will increase by up to three percent.
What is the need behind this hike?
The carmaker claimed that growing production costs for its models were the reason behind the price increase. It further stated that starting on January 1, 2024, the cost of Tata Motors’ commercial vehicles would increase by up to 3%. The automaker had previously declared that all prices, including those of electric cars, will rise. “We are considering a price hike across our passenger and electric vehicles in January,” a company spokesperson stated. In a few weeks, the precise details and hike’s extent will be revealed.”
Tata Motors: What were the sales of these vehicles?
Among other well-known models in the commercial lineup are the Tata Ace, Tata Intra, and Tata Winger. In November 2023, the company sold 28,029 commercial vehicles (CVs), a 4% decrease from 29,053 units sold in the same month the previous year. Tata Motors reported a 1.73 percent decrease in global sales, selling 74,172 units, compared to 75,478 units in the same month the previous year. Tata Motors stated in a regulatory filing that overall domestic sales decreased by 1% to 72,647 units last month from 73,467 units in November 2022.
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