Tata Motors, a prominent manufacturer of commercial and passenger vehicles in the country, has recently revealed its plans to increase the prices of its cars.
This news comes as a blow to car buyers, as they will now have to pay more for Tata Motors vehicles.
The price increase will take effect from July 17th, affecting all models across the company’s lineup.
Tata Motors Implements 0.6% Price Hike
As part of the price hike, Tata Motors has decided to raise the prices of all its cars by 0.6 percent.
To give an example, if you were considering buying a car priced at Rs 10 lakh, you may have to pay an additional Rs 6,000-7,000.
Although this may seem like a small amount, it will make all Tata Motors cars more expensive for customers after July 17th.
June Sales Figures and Demand for Tata Motors
Tata Motors has also released its sales figures for the month of June, showing a slight increase in sales.
The company experienced a 1 percent growth in sales during this period, driven by the high demand for their SUVs like Tata Nexon and Tata Punch.
Surge in SUV and Electric Vehicle Demand
According to a statement from Shailesh Chandra, the Managing Director of Tata Motors Passenger Vehicle Limited and Tata Passenger Electric Mobility Limited, there has been a rapid increase in demand for passenger vehicles, particularly in the SUV and Electric Vehicle segments, during the first quarter of the current financial year.
This surge in demand indicates a growing preference for new vehicles in these categories.