New Delhi: Tata Motors on Friday said it has increased prices of its passenger vehicle (PV) range by up to Rs 20,000 to offset rising input costs and semiconductors.
The company joins others like Maruti Suzuki and Mahindra & Mahindra, which have also hiked their vehicles' prices. "Rising input costs and material costs of steel, precious metals and semiconductors have compelled the company to pass on the part of the cost to customers," Tata Motors said in a regulatory filing.
The company further said, Tata Motors has marginally increased prices from 0 to Rs 26,000, depending on the variant.
Continuing its commitment towards customers, the company will also offer protection from the price increase to customers who have booked Tata passenger vehicles on or before January 21, it added.
Tata Motors currently sells PVs ranging from hatchback Tiago with starting price of Rs 4.7 lakh to SUV Harrier tagged at Rs 19.1 lakh (ex-showroom Delhi).
Tata Motors said its PV business has been witnessing strong demand for its 'New Forever' range of Cars & SUVs and grew by 39 per cent in financial year 2021 over financial year20.
In the third quarter of financial year 2021, Tata Motors also registered the highest ever sales in the last 33 quarters and continues to work on de-bottlenecking the supply chain and ramping up its output to meet the increased demand, it added.
On Monday, Maruti Suzuki India had said it increased the price for select models by up to Rs 34,000 to offset the adverse impact of rising input costs. Earlier this month, Mahindra & Mahindra announced a hike in prices of its range of personal and commercial vehicles by around 1.9 per cent.