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
Coutts Sets Scope On New Continent
Coutts steps into private marketsCoutts, the private bank best known for serving Britain’s wealthiest families and the... Read more
From Cypherpunk To Citadel
How Crypto Moved from the Wild West to the Mainstream Financial SystemA long-form analysis of Bitcoin's journey from fri... Read more
ACB Securities: Building Scale, Trust & Innovation
ACB Securities: Building Scale, Trust and Innovation in Vietnam’s Capital MarketsACB Securities (ACBS) is emerging as ... Read more
War Risk Returns To Markets As VIX Surges
For most of the past year, global markets behaved as though geopolitical risk had largely disappeared. Inflation was eas... Read more
Stablecoin The Future Of Currency?
The payments system is undergoing a quiet but consequential shift. What was once the exclusive preserve of central banks... Read more
BoE Loosens Capital Rules
The Bank of England has taken a significant step towards easing post-crisis regulation by lowering its estimate of the c... Read more