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Tata Motors has yet again hiked prices of its passenger vehicles. The decision to hike the prices of its 'New Forever' range was announced on Monday by the company's official spokesperson. This is the Indian brand's third price hike this year, with the previous price hike being announced in May 2021.
It was less than a couple of months ago that Tata Motors increased the prices of its passenger vehicles by up to Rs 28,000 depending on the model and variant. Now, the company has hiked prices yet again. Tata Motors said that the recent price hike is due to an increase in Input Cost, and this statement reflects on the inflation of commodities by 8%-10% in the past 1 year.
Due to the government's stricter emission rules, the demand for rare earth metals like Palladium and Platinum also doubled as they are used more in the exhaust catalyst to reduce emissions in vehicles.
This price hike from Tata Motors comes after Maruti Suzuki announced an increase in prices citing similar reasons. However, Maruti announced its price hike will be applicable to all models.
This decision from Tata Motors comes right after they announced the ‘Dark Edition' of their Altroz, Nexon and Harrier models.
This simply means, these limited edition models will become costlier by a reasonable margin.
Despite the recent price hike, Tata Motors has performed quite well in sales numbers by selling more than double the number of units in June 2021 when compared to the sales numbers of June 2020.
In June 2020, the Indian brand sold just 11,419 units, which is significantly lower than the 24,110 units sold this year.
Thoughts On Tata Motors' Third Price Hike This Year
Tata Motors has gained a lot of traction in the Indian market during recent years and have gained quite a few fans following due to their recent commitment to passenger safety. Tata's products now look premium and even come with a long list of features. Hence, we do not expect these price hikes to negatively affect sales numbers.