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Tata Motors has announced a price hike of up to Rs 24,000 on its entire model range sold in the Indian market. The new prices have come into effect immediately across the country. However, the company has mentioned that booking made on or before January 21 will not be affected by the new price hike.
Most automobile manufactures have announced a price hike of its products in the country. The decision to increase the pricing is because of the increase in input costs of raw materials required for manufacturing.
Steel, which is a major component in the process of automotive manufacturing, has increased substantially in pricing over the past few months in the country. This is because of the rising domestic demand and iron ore prices, higher international prices and subdued production and limited imports. As a result, it could be among the key factors for automakers announcing a price hike on its entire model range.
In addition to the increase in steel prices, the current crisis of semiconductors is also troubling automakers with the production of its vehicles in India. There is a major short supply of semiconductors starting during the Covid-19 pandemic. This has led to the rise in costs of chips needed in the production of vehicles.
According to the company's statement, "Rising input costs and material costs of steel, precious metals and semi-conductors have compelled the company to pass on a part of the cost to customers."
Despite the current market conditions, Tata Motors has seen a significant increase in its demand for its passenger vehicle range. The sales of its cars grew by 39 per cent in the first three quarters of the current financial year as compared to the same period in the previous fiscal year.
The company aims to increase those number in the last quarter of the current financial year with the launch of new products in the Indian market. The company will start by launching a new performance varaint of its premium hatchback called the Altroz i-Turbo.
In addition to that, the company is all set to bring back its legendary Safari SUV in a new avatar in the country. Tata Motors will be launching the all-new Safari on the Indian Republic Day and will be displayed in showrooms soon after — here are all details.
Thoughts About Tata Cars Price Hike Announced Across All Models
Tata Motors has joined a long list of brands, who have recently announced a price hike due to the increasing input costs of manufacturing, On the other hand, the company is offering attractive discounts of its select model range this month. This includes the Nexon, Tiago, Tigor and the Harrier.