Tata Motors To Increase Passenger Vehicle Prices From Feb 1

"This increase will be effective February 1, 2024, and is being taken to partially offset the rise in input costs," reads the company release

Tata Motors' global wholesale sales for the passenger vehicles segment reached 1,38,455 units in Q3 FY24

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Tata Motors said on Sunday that the company will increase prices of its entire passenger vehicle range, including Electric Vehicles, by an average of 0.7 per cent. These increased prices will be effect from February 1, 2024. The company’s decision to raise the prices is partially led by the rise in input cost, Tata Motors said in a statement. 

"This increase will be effective February 1, 2024, and is being taken to partially offset the rise in input costs," reads the company release.

The carmaker announced earlier this month that its total worldwide wholesale sales in the third quarter of fiscal year 2023-24 reached 3,38,177 units, up 9 per cent year-on-year. In the same period, the company's commercial vehicles and Tata Daewoo line had global wholesales of 98,679 units, indicating a 1 per cent year-on-year rise.

Tata Motors' global wholesale sales for the passenger vehicles segment reached 1,38,455 units in Q3 FY24, which is a growth of 5 per cent year-on-year.

In Q3 FY24, JLR's global wholesales stood at 101,043 units, a notable year-on-year increase of 27 per cent. The quarter's wholesale numbers for Jaguar and Land Rover were 12,149 and 88,894 units for the carmaker, respectively.

Tata Motors elucidated that the volume of CJLR, an unconsolidated subsidiary of JLR and a joint venture between JLR and Chery Automobiles, is not included in these data.

It is noteworthy that Tata Motors is not the only automobile manufacturer to raise prices. On January 16, Maruti Suzuki India declared that the cost of their vehicles would go up in India. The corporation justified the price increase by saying it was due to rising costs from general inflation and rising commodity prices.

Maruti Suzuki said in a release, "While the Company makes maximum efforts to reduce cost and offset the increase, it may have to pass on some increase to the market. This price shall vary across models.”