March 22: Tata Motors and Nissan India have announced that prices of vehicles from their stables will be increased in April, owing to rising input costs. The manufacturers will have the prices of their models increased to partially offset the impact of the input costs.
According to a statement released by Tata Motors, prices of passenger vehicles will shoot up by up to Rs 60,000 from April 1. Tata Motors President, Passenger Vehicle Business, Mayank Pareek has been quoted as saying that the prices are being increased owing to several factors such as changing market conditions and various external economic factors, apart from rising input costs.
Despite the price rise, the company expects to maintain its growth trajectory in the coming year courtesy of its robust production portfolio like Tiago, Hexa, Tigor, and Nexon. Tata Motors is also planning to launch new products by 2020 to expand its reach in the Indian terrain with a focus on bolstering its electric vehicle portfolio.
Nissan too has confirmed a similar price hike for vehicles sold by the company from next month. All its vehicles will bear a price rise of up to 2 percent in India, stating next month. The price rise will also apply on all the Datsun-branded vehicles in India, apart from its own Micra, Sunny and Terrano.
The announcement from the two companies follows the previous week announcement of German manufacturer Audi to increase the price of its models by up to Rs 9 lakh in the market, effective April 1 due to the increased customs duty in the Budget.