Tata Motors Ltd, in order to offset the impact of rising input costs, has announced to raise the prices of its passenger vehicles across models by up to Rs 40,000 with effect from January 1 2019.
Mayank Pareek, Tata Motors President of Passenger Vehicles Business Unit, released a statement: “The changing market conditions, rising input costs and various external economic factors have compelled us to consider this price increase.”
The statement also said that the company would be increasing the prices of its entire passenger vehicles range by up to Rs 40,000 (depending on the model and city), starting Jan. 1, 2019. Pareek also added that despite the price hike Tata Motors is optimistic about maintaining our growth trajectory in the coming year on the back of our robust portfolio.
The Tata Motors has now joined the like of other companies such as Maruti Suzuki India Ltd., Toyota Kirloskar, BMW and Isuzu, which have declared to increase prices of their vehicles from the upcoming months due to the impact of the increase in commodity prices and foreign exchange rates.