Tata Motors Announces Marginal Price Hike for Cars and SUVs from July 17

Tata Motors to Implement Marginal Price Hike for Cars and SUVs

Tata Motors, a prominent Indian automobile manufacturer, has announced its decision to raise the prices of its passenger vehicles starting from July 17. This price hike will be applicable to both Tata's conventional internal combustion engine (ICE) vehicles and electric vehicles (EVs).

The company states that customers can anticipate an average increase of 0.6% across various models and variants. The adjustment in prices is attributed to the residual impact of previous input costs.

Price Protection Offered on Bookings till July 16

Tata Motors has assured customers who make bookings until July 16, 2023, of price protection. This means that those customers will not be affected by the upcoming price hike.

Additionally, the company will honor deliveries of booked vehicles until July 31, ensuring that customers can avail themselves of their preferred Tata cars and SUVs at the pre-hike prices.

Sales Performance and Market Position

During the first quarter of FY2024, Tata Motors sold a total of 2,26,245 vehicles, slightly lower than the sales figures recorded during the same period in FY2022-23, which amounted to 2,31,248 units.

However, in terms of domestic sales for June 2023, Tata Motors achieved a slight growth with 80,383 units sold, compared to 79,606 units in June 2022. In the passenger vehicle (PV) segment, including EVs, Tata Motors sold 47,235 units in June 2023, as opposed to 45,197 units in June 2022.

Tata Motors' Sales Figures and Export Performance

Tata Motors witnessed a notable increase in domestic sales of passenger vehicles during the first quarter of FY2024, with 140,120 units sold, reflecting an 8% growth compared to the previous year.

Furthermore, the company's exports of passenger vehicles also experienced significant growth, with a 63% increase, reaching a total of 330 units.

Relevant and latest facts:

• The price hike will be effective from 12:00 AM IST on July 17, 2023.

• The price protection offered by Tata Motors is valid for bookings made up to July 16, 2023, and deliveries up to July 31, 2023.

• Tata Motors' sales figures for Q1 FY2023-24 showed a marginal increase of 8% over the same period last year.

• The company's domestic sales for the month of June 2023 were also marginally higher than the sales figures of June 2022.

• In terms of total sales in terms of PVs in the domestic market (including EVs), Tata Motors sold 47,235 units in June 2023 compared to 45,197 units in June 2022.

Tata Motors latest SUVs

• Tata Punch is a subcompact SUV that was launched in 2020. It is available with petrol and diesel engine options.

• Tata Nexon is a compact SUV that was launched in 2017. It is available with petrol, diesel, and electric (Tata Nexon EV) engine options.

• Tata Harrier is a midsize SUV that was launched in 2019. It is available with a diesel engine option.

• Tata Safari is a 7-seater SUV that was launched in 2021. It is available with a petrol and diesel engine options.

• Tata Gravitas is a 7-seater SUV that is based on the Tata Harrier. It was launched in 2022.

• Tata Punch e-Cube is an electric SUV that is based on the Tata Punch. It is scheduled to be launched in 2023.

These are just a few of the latest SUVs from Tata Motors. The company is also planning to launch a number of new SUVs in the coming years, including a premium SUV and an electric SUV.

Conclusion

Tata Motors' decision to implement a marginal price hike for its cars and SUVs from July 17 aims to address the residual impact of past input costs. While customers can expect an average increase of 0.6% across various models and variants,

Tata Motors ensures price protection for bookings made until July 16, 2023. Despite a slight decline in sales during the first quarter of FY2024, Tata Motors continues to position itself as a prominent player in the domestic market, witnessing growth in both domestic sales and exports of passenger vehicles.