Tata Motors has announced that it will hike prices of its passenger vehicle range, effective today. Rising input costs and material costs of steel, precious metals and semi-conductors have compelled the company to pass on a part of the cost to customers.
As per a statement released by the company, Tata Motors has increased prices by up to Rs 26,000, depending on the variant. The statement goes on to say that the company will also offer protection from the price increase to customers who have booked Tata passenger vehicles on or before 21st January.
Tata Motors PV Business has been witnessing strong demand for its ‘New Forever’ range of cars and SUVs and it grew by 39% in FY21 over FY20. In Q3FY21, Tata Motors also registered the highest ever sales in the last 33 quarters and continues to work on debottlenecking the supply chain and ramp up its output to meet the increased demand.