Tata Motors announces price HIKE on Safari, Harrier, Nexon: Cars to become more expensive

Tata Motors Ltd announced on Saturday that it would raise the prices of its passenger vehicles beginning November 7. The passenger car segment is generating good monthly growth for industry participants. Tata Motors did not specify the model-specific price increase, but stated that the weighted average increase would be 0.9 percent depending on the variant and model. The price increase can be attributed to rising input costs in vehicle manufacturing. Tata Motors stated in a statement that the company had been absorbing the steep rise in input costs until now, and that with the price increase, the company intends to pass on a small portion of it.

The statement from the auto major read, "The company has been absorbing a significant portion of the increased costs, but the steep rise in overall input costs has compelled it to pass on some proportion through this minimal price hike."

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The Indian automaker sells cars like Tata Nexon, Safari, Harrier, Tiago, Tigor, and others. Moreover, the company has made its presence felt in various segments, with its cars employing multiple powertrains options like CNG, electric cars, and ICE engine cars.

It is to be noted that Tata Motors is not the only manufacturer to raise the prices of their vehicle. Other OEMs like Skoda, Kia, and Toyota have also increased the prices of their certain models like the Skoda Kushaq, Kia Carens, and Toyota Fortuner. Besides these brands, other manufacturers are also expected to follow the pattern to balance the input costs.

Meanwhile, Safari recently announced that its domestic sales fell by 5.11% year on year in October 2022. In October 2022, it sold a total of 78,335 vehicles (domestic + export). Last month, the brand sold 76,537 units in the domestic market alone, a 17% increase over the previous year's 65,151 unit sales in the same festive month.