ENA Sectors 2024-01-23 14:27:04 <p><span style="font-size:14px"><strong>New Delhi, Jan 23 (KNN)</strong> Tata Motors, one of India's leading automobile manufacturers, has declared a price increase of approximately 0.7 percent across its vehicle lineup, including electric vehicles (EVs).</span></p> <p><span style="font-size:14px">The price adjustment, set to take effect from February 1, 2024, is a strategic move by the company to mitigate the impact of rising input costs.</span></p> <p><span style="font-size:14px">While the specific percentage increase for individual models remains undisclosed, Tata Motors has communicated a weighted average rise of 0.7 per cent.</span></p> <p><span style="font-size:14px">The extent of the hike will vary depending on the particular variant and model.</span></p> <p><span style="font-size:14px">Consequently, popular models like the Tiago, Nexon, Harrier, and Safari are expected to experience a surge in their price tags.</span></p> <p><span style="font-size:14px">Even the recently launched Punch EV, which initially entered the market with an introductory price tag of Rs 11 lakh, ex-showroom, is anticipated to be impacted by the price adjustment.</span></p> <p><span style="font-size:14px">With a significant market share in India, Tata Motors currently sells a diverse range of internal combustion engine (ICE) cars. The company has also established a strong presence in the electric vehicle market, particularly with its segment-leading model, the Nexon EV.</span></p> <p><span style="font-size:14px">The manufacturer recently unveiled updates to its Nexon range, along with its Safari and Harrier SUVs, indicating a commitment to enhancing its product offerings.</span></p> <p><span style="font-size:14px">This decision to raise prices follows a similar move by Tata Motors in April 2023 when it increased prices for its passenger vehicle range by approximately 0.6 per cent, effective from May 1st.</span></p> <p><span style="font-size:14px">Despite these previous adjustments, the company has achieved an impressive 9 per cent growth in overall passenger vehicle sales, including electric vehicles, in the domestic market.</span></p> <p><span style="font-size:14px">December 2023 recorded sales reaching 43,470 units, reflecting a notable increase from 40,043 units in December 2022.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 36393 https://knnindia.co.in/news/newsdetails/sectors/tata-motors-announces-07-price-hike-across-vehicle-range-effective-from-february-1 2024-01-23 14:27:04 knnindia.co.in