For representational purposes (File Photo | AP)
NEW DELHI: Car prices are showing no signs of slowing down. After Maruti Suzuki, Mahindra & Mahindra, Honda Cars, Mercedes Benz and others, Tata Motors has now announced a fresh price hike for its passenger vehicle (PV) lineup.
This would be the second time this calendar year that the home-grown auto major would be increasing the prices of its four-wheelers.Tata Motors’ fresh hike would be effective from May 1, 2023, and the weighted average increase will be 0.6%, depending on the variant and model.
“Tata Motors has been absorbing a significant portion of the increased costs on account of regulatory changes & rise in overall input costs and is hence compelled to pass on some proportion through this hike,” said Tata Motors in a statement on Friday. Tata in February 2023 had increased prices of its entire internal combustion engine PV range with the average price hike being 1.2%. The two hikes of CY23 are coming after the company had increased PV prices four times in CY2022 with the cumulative price hike working out to 3.45%.
Other carmakers had also increased the prices of their models by 3-4 times in CY2022 and attributed the same to a steep rise in commodity prices. The fresh hike, however, is mostly attributed to changes in emission norms. Starting April 1 2023, vehicles will be required to have an onboard self-diagnostic device to monitor real-time driving emission levels.Maruti Suzuki, India’s largest carmaker, had increased the prices of its cars from April 1, 2023, by about 0.8% (weighted average).
According to reports,SUV major Mahindra & Mahindra has silently increased prices of the Thar model by up to Rs 1.05 lakh, Scorpio-N SUV by Rs 51,000 and the XUV700 by up to Rs 71,400.
