Car Prices Hike in India: From the beginning of the new year 2024, Indian vehicle manufacturing companies have started shocking the customers by increasing the prices of cars. Companies like Mahindra & Mahindra, Maruti Suzuki India, Honda, Hyundai, Toyota etc. have announced to increase the prices of their models. In this sequence, the country’s leading automobile manufacturer Tata Motors has also announced to increase the prices of its car models and passenger vehicles.
Prices will increase by 0.7 percent
Tata Motors has announced that it will increase the prices of its entire passenger vehicle portfolio by an average of 0.7 percent from February 1, 2024. The domestic automobile giant has claimed that it has been decided to increase the prices of all Tata cars in India. The company says that in view of the increase in vehicle manufacturing costs, a little burden is being given to the customers by partially increasing the prices. However, the automaker has not disclosed what will be the revised price of its cars after the price increase.
Maruti increased by 0.45 percent
This is the latest move by any automaker in India to increase the prices of its passenger vehicles. Due to rising production costs, Maruti Suzuki has already announced a hike of 0.45 per cent across its entire range of passenger vehicles. The move comes after the automaker announced a price hike in November 2024. This step has been taken by its side after the announcement of increase in prices for Maruti Suzuki cars. Now following the same path, Tata Motors has also announced that it will increase the prices of its cars by 0.7 percent.
Tata has recently launched Punch EV
Tata Motors also announced that the price increase will be applicable to all its petrol-diesel powered cars as well as electric vehicles. Interestingly, the move comes soon after the launch of the Tata Punch EV, which is the company’s second electric SUV and fourth electric car to be introduced in the Indian market after the Nexon EV, Tigor EV and Tiago EV.
Many companies increased prices in two months
Apart from Tata Motors and Maruti Suzuki, several other carmakers in India have already announced price hikes in the last two months. These vehicle manufacturers have attributed the price hike steps to rising production costs, rising inflation and high cost of raw materials. Such price hike steps will further put pressure on Indian car buyers in 2024. However, automakers expect the sales momentum to continue despite the price hike.