Homegrown carmaker Tata Motors today announced its decision to hike prices across its entire passenger vehicle line-up by up to Rs 25,000, effective from January 2018.
The company cited a rising input-cost as the major factor for their price increase. "The changing market conditions, rising input costs and various external economic factors have compelled us to consider the price increase,” said Mayank Pareek, President, Passenger Vehicle Business, Tata Motors, in a company statement.
Earlier this month, automakers like Skoda, Isuzu and Toyota announced a price hike citing similar reasons. Other carmakers are also expected to join the fray.
The company overtook Mahindra to grab the third spot in overall domestic passenger vehicles sales for November, as volumes surged 38.14 percent, year-on-year, to 18,832 units. Tata Motors recent launches, the Tiago hatchback, Tigor sedan and Nexon compact SUV contributed to the growth.
Since its launch in September, Tata Motors sold 5,871 units of Nexon as of October-end and in November expects to sell over 2,500 units. The company also rolled-out its 10,000th Nexon in November, from its Ranjangaon facility, in Pune.