New Delhi, June 12 (IANS). Tata Motors Passenger Vehicles (TMPV) on Friday announced an increase in prices of its fuel (petrol, diesel and CNG) and electric vehicles by up to 1.5 percent. The new prices will be applicable from July 1.
In the exchange filing issued by the company, it was said that the reason for the increase in prices was the increase in input costs.
TMPV said it is bearing a major part of the cost increase itself, while passing on part of the increase to customers through the recent price revision.
The company said that the price increase will vary according to different models and variants.
The company further said that the move will be applicable across Tata Motors’ range of passenger vehicles, which includes conventional fuel vehicles as well as electric vehicles.
According to Tata Motors, this change in prices has been done in such a way that despite the increase in cost, its products remain value for money.
Following this, shares of TMPV were trading higher at Rs 385.60 on BSE.
In recent months, other major automobile companies have also chosen to increase prices to maintain their profits (margins) while continuing to invest in new products and technology.
Last month, Hyundai Motor India had announced a price increase of up to Rs 12,800 across its range of vehicles from June. For this, the company had cited increase in input costs, high commodity prices and increase in operational expenses.
Similarly, Maruti Suzuki India had also announced an increase in prices of its portfolio by up to Rs 30,000 from June and cited the continuous increase in input costs as the reason behind this decision.
Apart from this, Mahindra & Mahindra (M&M) also changed the prices of its SUV and commercial vehicle range earlier this year.
–IANS
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