Tata Motors, one of India's largest vehicle manufacturer has officially announced a price hike across its range through an official statement.
The statement justifies the price hike, sighting various macroeconomic factors, and the hike will increase prices by Rs 5,000 to Rs 25,000, depending on the models. The hike will be effective January 1, 2017.
Mayank Pareek, the President, Passenger Vehicle Business, Tata Motors said, "The increase in prices of raw material commodities like steel, aluminium, copper and rubber over a period of time has put a lot of pressure on us and as a resultant we are forced to hike prices of our passenger vehicles."
"We are seeing good demand for our cars and have witnessed month on month growth owing to the Tiago. We are gearing up for our next launch of the HEXA in January 2017."
The hike in price is a common factor towards the end of the year, as many carmakers increase prices to keep up with the latest value of goods and raw material.
Tata Motors will not be the only manufacturer to hike prices, as many other manufacturers are expected to do the same. Stay tuned as we bring you latest updates about the automotive industry.