Tata Motors to hike price of passenger vehicles by 0.55%
Indian automobile giant Tata Motors today (July 9, 2022) announced an increase in the prices of its passenger vehicle range with immediate effect to partially offset the impact of rising input costs.
The company sells a range of models including Punch, Nexon, Harrier and Safari in the domestic market, while its vehicles, both passenger and commercial, have a significant market in Bangladesh, reports or New Delhi correspondent.
A weighted average of 0.55 percent increase in price will come into effect across the range, depending upon the variant and model, Tata Motors said in a statement.
The company has taken extensive measures to absorb a significant portion of the increased input costs, it said.
"However, to offset the residual impact of the accumulated increase in input costs, it is passing on a minimised price hike," the statement added.
Tata Motors has already hiked prices of its commercial vehicles range by 1.5 - 2.5 percent earlier this month.