Tata Motors To Hike Prices Of Passenger Vehicles By Up To Rs 26,000
The company had earlier increased prices of commercial vehicle range, from 1 January
Topics
Tata Motors | Passenger Vehicles
BS Reporter |
The company said increase in cost of raw materials such as steel, metals and semi-conductors compelled it to raise the prices of its vehicles
Tata Motors on Friday increased the prices of its passenger vehicle range.
The prices have risen up to Rs 26,000, depending on the variant. The company said in a statement that it will offer protection from higher prices to customers who have booked Tata passenger vehicles on or before January 21.
Tata Motors had earlier increased prices of its commercial vehicle range from January 1.
The company said increase in cost of raw materials such as steel, metals and semi-conductors compelled it to raise the prices of its vehicles. Market leader Maruti Suzuki also increased prices from January 10.
Raw material costs are hardening with the full impact of cumulative increases to be felt in Q4 of this financial year. Steel, aluminium, copper and rubber — key inputs for the auto industry — are all headed north.
Automakers also do not have much room left to absorb the hike in input cost because of losses incurred in the first two quarters of the fiscal year following the coronavirus outbreak.
Companies had registered zero sales in April and May due to the lock down induced by the government to counter the corona virus pandemic.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
First Published: Fri, January 22 2021. 19:45 IST
Titi Coles Legacy In Finance: Pioneering Diversity And Leadership
Titi Cole, one of the most senior Black women in the world of finance, recently exited her high-profile role at Citi. He... Read more
Rising Rates, Rising Challenges: Bankers Adapt To Serve Troubled Companies In A Changing Economic Landscape
As interest rates climb, troubled companies are facing heightened financial pressures, prompting them to seek assistance... Read more
The Elusive Nature Of Fraud Detection: Exploring The Auditor's Dilemma
In the intricate world of financial reporting, auditors serve as guardians of integrity, tasked with uncovering discrepa... Read more
The Battle For Depositors: US Lenders Ramp Up Efforts Amidst Rate Uncertainty
In the competitive landscape of the US banking sector, retaining depositors is paramount for lenders seeking to maintain... Read more
Beyond Capital: Unveiling The Complexities Of Bank Failure Prediction
In the realm of banking, the ability to predict and prevent failures is paramount for financial stability and consumer c... Read more
Central Banks And The Economic Horizon: Steering Through Uncertaintie
In the evolving landscape of global financial markets, the strategic role of central banks has come under intense scruti... Read more