Tata Motors has announced a price hike of its passenger vehicles depending on the model, starting from Rs 5,000 up to Rs 25,000, effective from January 2017. This decision is due to the increase in raw materials cost, the company said in a release.
According to Mayank Pareek, President, Passenger Vehicle Business, Tata Motors, “The increase in prices of raw material commodities like steel, aluminium, copper and rubber over a period of time has put a lot of pressure on us and as a resultant we are forced to hike prices of our passenger vehicles. We are seeing good demand for our cars and have witnessed month on month growth owing to the TIAGO. We are gearing up for our next launch of the HEXA in January 2017.”
Toyota too recently announced a 3% hike starting from Jan 2017 for a similar reason.
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