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Tata Motors is also likely to join other automakers in announcing a price hike for its passenger vehicle models due to the increase in commodity prices, a top company official said on Wednesday.
Until now, the company has announced a price increase only in its commercial vehicle range.
“Input costs have been an issue across the industry. We have not yet announced a price increase, but we are just looking at the competitive landscape. But I think it’s a matter of time before there is a price increase,” said Vivek Srivatsa, Head, Marketing, Passenger Vehicle Business Unit, Tata Motors, while addressing reporters on Wednesday, on the sidelines of the launch of the Altroz iTurbo.
The rise in commodity prices — including steel, aluminium, precious metals and plastics — has led automakers to increase model prices this month.
Automakers like Maruti Suzuki, Mahindra & Mahindra, Hero MotoCorp, Mercedes-Benz, Volkswagen, Hero MotoCorp, Nissan, Renault India, Honda Cars, Ford India, Isuzu, BMW India and Audi India have already announced price hikes effective from this month.
The rise in commodity prices aside, most automobile companies announce price increases from January every year, to attract customers in the December sales and liquidate the inventories.
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