Renowned Indian automotive manufacturer Tata Motors has announced a price hike on its passenger vehicles from January 19th, 2022. The company stated that it will implement an average price increase of 0.9% on select models and variants. Additionally, Tata Motors has decided to undertake a reduction of up to INR 10,000 on specific variants after customer feedback.
Reasons behind the price hike
Tata Motors has continually focused its efforts on absorbing a significant portion of the increased costs in India. Therefore, to counteract the steep rise in overall input costs, the manufacturer has decided to implement the minimal price hike. Tata Motors states that this decision falls in line with its customer-first approach as it will offer price protection for customers.
This will allow them to maintain the faith and confidence showcased by their customers towards their New Forever range. According to Tata Motors, the price hike will not affect its cars booked on or before January 18th, 2022. The company recently announced a 2.5% price hike on its commercial vehicles, which took effect on 1st January 2022.
Other News
Recently in January 2022, sources revealed that Tata Motors is working on a brand new 1.5-litre turbo-petrol engine. Tata Motors reportedly secured the first round of funding, with a CAPEX of INR 7,500 crore for the engine. The manufacturer has also focussed its efforts on making regular investments towards its passenger vehicle division and new ICE products. Sources and reports state that the new engine will make its debut on a new 4.3-meter SUV from Tata Motors.
Tata Motors also announced its Q3 sales report of FY2022 which showcased a total sale of 1,99,633 vehicles. The brand’s sales report included both international and domestic sales, which consisted of 1,58,218 units in Q3, FY21. In December 2021, Tata Motors sold 66,307 units in India, whereas it sold 53,430 units in December 2020. Meanwhile, the brand sold 1,89,531 units in Q3 FY22, whereas it sold 1,50,961 units in Q3 FY21. This translates to a growth of 24% during December and 26% during the entire year between 2020 and 2021.
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