Tata Motors advance prices of vehicles from September 2021
About Tata Motors
Tata Motors, a vertical segment of the parent company Tata Groups is an Indian automobile manufacturing company headquartered in Mumbai, Maharashtra. The company specializes in cars, trucks, sports cars, construction equipment, and military vehicles. Now the company has even expanded its horizon to the Electric Vehicle segment.
Electrical Journey of Tata Motors
When the whole world was fighting with the menace of covid-19, Tata motors turned it into an opportunity for meeting the future demands of the after pandemic lives, and thus, came the Nexon EV. Nexon EV is a success story of the ‘Made in India’ electric car.
The doors of lockdown have severely affected the growth of EVs in India, mainly the charging infrastructure.
The economic wheels are coming back on track so is the electric segment building itself that was evident from the June sales of EV with Tata Nexon EV outperforming other EV motors.
What's the update?
- Tata Motors, a pioneer in the car-making segment, announced a minor hike in the prices of passenger vehicles on Monday, a rate of 0.8% varying with variants and model-to-model. However, the company has not revealed the exact amount of price rise.
- However, the company has protected the retailers till 31st August.
- "For the wellbeing of its business and supporting ecosystem, Tata Motors had recently announced that it has set in motion a comprehensive "Business Agility Plan" to protect and serve the interests of its customers, dealers, and suppliers", it said in a statement.
- However, the company has made a prior announcement in July so it doesn’t surprise the customers.
- According to a PTI report, a hike in price came in the backdrop of the automaker’s aim to counterbalance the abrupt rise in the acquisition cost of crucial goods. "We have seen a very steep increase in the prices of steel and precious metals over the last one year. The financial impact of the increase in commodity prices is in the range of 8-8.5 percent of our revenues in the past year," said Shailesh Chandra the President of the Passenger Vehicles Business Unit at Tata Motors.
- This hike in the prices of Tata motors is the third in the month from Tata Motors cars like Tiago, Tigro, Nexon EV was witnessed in the previous months.
Other players in the game
Earlier this month Maruti Suzuki a rival competitor of Tata Motors has hiked the prices of the motor car Swift and CNG variant of other models by 15,000 to countermand the cost of high input cost.
Honda motors have hiked the prices of its whole model range to counter an increase in commodity prices.
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