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Tata Motors is considering a price hike for its passenger and electric vehicles in January 2024. The company is known for its diverse range of vehicles, from the hatchback Tiago to the premium SUV Safari. These models are priced between Rs 5.6 lakh and Rs 25.94 lakh, but they have not disclosed the specific percentage of the proposed hike.
Tata Motors shares have been on a solid run, climbing 7% in the last month, delivering a substantial 29% return over the past six months, and an impressive 55% return in the last year. Zooming out to a five-year horizon, investors have seen a remarkable 291% return
Maruti Suzuki Announces Price Hike
Maruti Suzuki, with a dominant 42% market share in passenger cars, has announced an increase in vehicle prices from January 2024. The decision is attributed to increased cost pressure driven by overall inflation and rising commodity prices.
Earlier this year, on April 1st, Maruti Suzuki decided to raise prices across all its vehicle models, with an increase of 0.8%. This followed a similar move in January 2023 when the company implemented a price hike of approximately 1.1% across its diverse models.
Audi’s Price Hike
Audi, the German luxury car manufacturer, is set to implement a price hike of up to 2% on its vehicles in India from January 1, 2024. This decision is a response to rising input and operational costs. The price increase will be applicable across Audi’s entire model range.
Industry-Wide Trend
Tata Motors’ decision to raise prices aligns with the industry trend, as other major players like Maruti Suzuki and Audi have also announced plans to increase vehicle prices in January 2024. The automotive sector is facing persistent upward pressure on prices.
Awaited Details
Tata Motors has indicated that the exact details of the price hike, including the extent and specific models affected, will be announced in the coming weeks. Stay tuned for more information as these companies finalize and announce the specifics of their impending price adjustments.
Also Read: From January 2024 Maruti Suzuki to Raise Car Prices
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