In a move following Maruti Suzuki’s announcement, Tata Motors is contemplating a price increase for its passenger and electric vehicles effective January 1, 2024.
While the extent of the price hike remains undisclosed, the company is expected to reveal the details in the coming weeks.
Tata Motors’ Statement
A spokesperson for Tata Motors stated on Monday, “We are considering increasing the prices of our passenger and electric vehicles from January next year.
The price increase of specific models will be announced in the next few weeks.”
Vehicle Price Range
Tata Motors’ vehicle lineup, spanning from the Tiago hatchback to the Safari SUV,
is currently priced between Rs 5.6 lakh and Rs 25.94 lakh.
Maruti Suzuki Joins the Price Hike Bandwagon
Maruti Suzuki, in line with industry trends, announced a price hike for its vehicles from January 1, 2024.
However, the company has not disclosed the extent of the increase, stating that it will vary across different models.
Factors Driving Price Surge
The automotive industry cites inflation and escalating commodity prices as the primary drivers behind the decision to raise vehicle prices.
Despite efforts to cut costs, manufacturers find it necessary to adjust prices to navigate the challenging economic landscape.
Audi Follows Suit with 2% Price Increase
In a similar vein, Audi has declared a 2% price increase for all its cars in India, effective January 2, 2024.
Citing heightened demand for raw materials and increased operating costs, the luxury carmaker aims to offset these challenges by adjusting its vehicle prices.
Raw Material Costs and Operating Expenses
Audi’s decision to increase prices aligns with concerns over rising raw material demand and operating expenses,
mirroring the industry-wide response to economic pressures.
As we approach the new year,
the automotive landscape seems poised for adjustments as major players gear up for price revisions amid economic uncertainties.
