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Tata Motors's cars are all set to become more expensive again. Tata Motors is planning for a third price hike this year. The Pune based Indian car manufacturer has already hiked the price of its vehicles twice this year.
However, unlike a few other car manufacturers, Tata Motors didn't hike the price twice across all its models at once. In January this year, the brand hiked the prices of Tiago, Tigor, Nexon, Nexon EV and harrier.
Following this, in May, the brand hiked the prices of the Altroz hatchback and the newly launched Safari as well. Tata Motors says that the price hike is essential for the brand as the cost of commodities such as steel and other metals shot up.
Reflecting this is the statement from Shailesh Chandra, President of the Passenger Vehicles Business Unit at Tata Motors. He said, "We have seen a very steep increase in the prices of steel and precious metals over the last one year. The financial impact of the increase in commodity prices is in the range of 8-8.5 percent of our revenues in the past one year."
He further added "From the company realisation perspective, we have passed on only 2.5 per cent. From an ex-showroom perspective this would be around 3 percent."
Tata Motors is not the only brand that has resorted to price hikes in order to tackle steep price hikes in essential commodities. Other brands such as Maruti Suzuki, Honda and Toyota have all announced price hikes.
Thoughts On Tata Motors' Third Price Hike In 2021
During the pandemic, the automotive market was severely affected. However, with new launches, car manufacturers have attracted new customers and overall sales has improved in India.
Now, due to the recent hike in the prices of commodities and materials, car manufacturers are forced to hike the prices of their respective models. This may affect the overall car sales in India, further affecting the GDP.