Tata Motors to increase price of cars by up to Rs 25,000
Automobile manufacturing arm of the Tata Group, Tata Motors will be hiking the prices of its passenger vehicles come January 2018.
- Price hike of up to Rs 25,000 will come into play.
- Tata Motors attributed the price hike due to rising input costs.
- Shares of the company traded flat post the announcement.
Indian multinational automotive manufacturing company, Tata Motors on Monday revealed that it will hike prices of its passenger vehicles from next year. Tata Motors pegged the hike in price to ‘rising input costs’.
The price hike is expected to be up to Rs 25,000 from January 2018, the company said.
“The introductory prices of the recently launched lifestyle compact SUV, NEXON, which comes with Level NEX Design, Performance and Technology features, will be ending by 31st December and this entire range will also witness a price hike from January 2018 by upto Rs 25,000,” Tata Motors said.
“The changing market conditions, rising input costs and various external economic factors have compelled us to consider the price increase. We are optimistic on maintaining our growth trajectory in the coming year on the back of our robust product portfolio like TIAGO, HEXA, TIGOR and the recently launched NEXON,” Mayank Pareek, President, Passenger Vehicle Business, Tata Motors said.
Shares of the company traded flat post the announcement at Rs 411.50 apiece on BSE Sensex intraday.
The company had recorded global wholesales at 1,12,473 in November 2017.
Last month, Tata Motors had rolled out 10,000 NEXON models from its Ranjangoan facility. The company said it had sold 6,000 units of the NEXON in the mere two months of its launch.