Tata Motors has increased the prices of its passenger vehicles. From May 8, the new prices averaging 1.8 percent will become effective, news reports said.
"Increase in prices of commodities, such as steel and precious metals, necessitates us to pass on a part of it through increase in price of our products," Tata Motors President Passenger Vehicles Business Shailesh Chandra said.
"Keeping in mind the interest of customers who have booked cars already, we are offering price protection for all bookings done till date (on or before May 7). This price increase will be effective for bookings made thereafter (effective May 8)."
In January, Tata Motors had had increased prices of its passenger vehicle (PV) range by up to Rs 20,000 to offset rising input costs and semiconductors.
Rising input costs and material costs of steel, precious metals and semiconductors have compelled the company to pass on the part of the cost to customers," the company had said in a regulatory filing.
Tata Motors sells a range of vehicles starting from entry hatchback Tiago to newly-introduced Safari SUV, priced between Rs 4.85 to Rs 21.4 lakh (ex-showroom Delhi), besides Harrier and Nexon.
The company recently set in motion a comprehensive 'Business Agility Plan' to protect and serve the interests of its customers, dealers and suppliers.