The company is set to increase prices by 0.7 per cent (on average) across its passenger vehicles portfolio to partially offset the rise in input costs.
Notably, the Tata group company had announced a price hike for its commercial vehicle models, which includes Tata Ace, Tata Intra, Tata Winger, from January 2024 to offset the residual impact of the past input costs.
Earlier this month, Maruti Suzuki, too, had announced price hike of its entire portfolio to the tune of 0.45 per cent which was effective from January 16 highlighting increased cost pressure driven by overall inflation and increased commodity prices.
Citing similar reasons, Mahindra & Mahindra also had hiked prices this month, along with Honda Cars India & luxury car dealer Audi.
Tata Motors witnessed a 4 per cent surge in its total domestic sales for the month of December 2023, where it sold a total of 76,138 units during this period, compared to 72,997 units. In terms of passenger vehicles (PV) sales, including electric vehicles, the automaker achieved significant growth in the domestic market. The company sold 43,470 PV units last month, marking a notable increase of 9 per cent from the 40,043 units sold in December 2022.