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Tata Motors to hike prices of passenger vehicles
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SME Times News Bureau | 03 Oct, 2016
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.
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