New Delhi, Oct 2 (IANS) Automobile major Tata Motors plans to raise prices of its passenger vehicles during the ongoing festive season to offset increasing input cost, the company said.
“We will hike prices of our vehicles. Currently we are working out the details,” Tata Motors President (Passenger Vehicles Business Unit) Mayank Pareek told reporters here on Saturday, following release of monthly sales figures by auto manufacturers.
“Input costs have increased and some of the industry players have already undertaken price hikes. Moreover, we have also not corrected our prices for a long time,” he added.
To a question on a timeline for effecting the price increase, he said: “It could be during the festive season.”
Passenger cars, utility vehicles and two-heeler manufacturers reported positive sales growth for last month.
Tata Motors sells a range of passenger vehicles, including the small car Nano, the newly launched hatchback Tiago and crossover vehicle Aria, at a price range of Rs 2.15 lakh to Rs 16.3 lakh (ex-showroom Delhi).
Tata Motors passenger and commercial vehicle sales, including exports in September, increased by eight per cent to 48,648 vehicles from 45,215 vehicles sold in the like month of 2015.
The company’s domestic sales of Tata commercial and passenger vehicles for the month under review rose by five per cent to 42,961 units. Exports during September zoomed by 29 per cent to 5,687 units.