Tata to raise car prices in India in January 2024
Tata Motors, a popular automaker, is contemplating a price increase for its cars in India starting January 2024. The exact details and scope of the hike will be revealed in the coming weeks, as stated by a Tata Motors representative. This decision comes as vehicle prices continue to rise, with both Maruti Suzuki and Audi announcing price hikes beginning January next year.
Maruti Suzuki raising prices due to cost pressures
Maruti Suzuki is India's top automaker with a 42% share in the passenger car market. The company mentioned in a BSE filing that the hike is due to increased cost pressures caused by overall inflation and rising commodity prices. Maruti Suzuki informed stock exchanges, "While the company makes maximum efforts to reduce costs and offset the increase, it may have to pass on some increase to the market." The price increase will differ across models.
Audi's price hike will be effective January 1
German brand Audi also revealed a price hike of up to 2% for its vehicles in India starting January 2024. The company attributed the increase to escalating input and operational costs. In a statement, Audi announced that the price hike will take effect from January 1, and will apply to all models in its range. This news contributes to the growing trend of automakers adjusting their pricing strategies in response to market pressures.
