Tata Motors likely to hike prices of passenger vehicles from next week

- Third price revision in 2021

- New prices likely to be announced next week

Tata Motors has announced an upward revision of the prices of its passenger vehicle range in the country. The Indian carmaker plans to levy the new prices from next week. This will be the third hike by Tata Motors with the first one imposed earlier in January 2021 and the second being the most recent in May. 

The company states that the prices of precious metals like rhodium and palladium have gone up significantly over the last one year while the steel prices have also remained high during the period. Currently, the carmaker is in the process of working out the new prices of the models that are expected to be disclosed in the coming week. 

As per a PTI report, Shailesh Chandra, President – Passenger Vehicles Business Unit, Tata Motors, said, “We have seen a very steep increase in the prices of steel and precious metals over the last year. The financial impact of the increase in commodity prices is in the range of 8-8.5 per cent of our revenues in the past one year.”

Recently, Maruti Suzuki hiked prices of the Swift hatchback and its S-CNG range of models by up to Rs 15,000; details of which can be read here. Honda Cars India has also announced a revision of prices across the model range from August 2021.