The home-grown automaker Tata Motors has announced that effective May 8, 2021, it will increase prices of its passenger vehicles, averaging 1.8%, depending on the variant and model.
In a press release, the company said that it will offer protection from the price increase to customers who have booked Tata passenger vehicles on or before 7th May.
For the wellbeing of its business and supporting ecosystem, the company had recently announced that it has set in motion a comprehensive ‘Business Agility Plan’ to protect and serve the interests of its customers, dealers and suppliers.
Shailesh Chandra, President – Passenger Vehicles Business, said, “Increase in prices of commodities, such as steel and precious metals, necessitates us to pass on a part of it through an increase in the price of our products.”
“Keeping in mind the interest of customers who have booked cars already, we are offering price protection for all bookings done till date. This price increase will be effective for bookings made thereafter. Our ‘New Forever’ product range continues to witness strong acceptance in the market, and we are thankful to our customers for their continued trust in the brand.” he added.
Apart from Tata Motors, India’s largest car manufacturer Maruti Suzuki also announced the price hike up to INR 22,500 owing to rising input cost.