Tata has announced a new price hike with a weighted average increase of 0.55 per cent across its product portfolio
Tata Motors has today announced yet another price hike for its passenger cars in the domestic market as the weighted average increase of 0.55 per cent will officially come into place from today onwards across its portfolio, based on the variants and models. In an official statement, the homegrown manufacturer noted that it has taken extensive measures to absorb a significant portion of the increased input costs.
To offset the residual impact of the accumulated increase in input costs, it is passing on a “minimized price hike”. It comes on the back of Tata hiking the prices of its commercial vehicle range by 1.5 per cent to 2.5 per cent and it has already come into effect from July 1, 2022 across the range, depending upon individual model and variant.
In June 2022, Tata Motors posted its highest ever monthly sales tally as the demand for passenger vehicles continued to stay strong in Q1 FY23 even as the supply side remained moderately impacted due to the health crisis in China according to the brand. Tata expects to see the supply side including that of critical electronic components to progressively improve.
Last month, Tata recorded a domestic total of 45,197 units and in comparison to the same period in 2021, a positive YoY growth of 87 per cent was registered. The quarterly sales for Q1 FY23 stood at 130,125 units, and it was also the highest ever, posting a growth of 102 per cent on a YoY basis. The brand’s SUV range comprising Punch, Nexon, Harrier and Safari contributed 68 per cent to the first quarter FY23 sales.
The passenger electric vehicle sales reached new heights with quarterly sales of 9,283 in Q1 FY23 and the highest-ever monthly sales of 3,507 units in June 2022. The long-range Nexon EV Max was introduced in May 2022 and it has witnessed strong demand according to Tata.
The Nexon compact SUV was the most sold SUV in the country last month while the Punch micro SUV is also recording impressive sales tally. The Tigor and Altroz are other big contributors in Tata garnering healthy volume tally every month.