India's Tata Motors hikes prices of passenger vehicles for third time in 2023

INDIAN carmaker Tata Motors said on Monday (Jul 3) it will increase prices of its passenger vehicles by an average 0.6 per cent across models and variants from Jul 17.

The price hike is meant to offset the residual impact of past input costs, the company said.

Tata Motors had announced price hikes of 1.2 per cent in January and 0.6 per cent in April, citing increased input costs and regulatory changes, respectively.

The company’s total expenses for the quarter ended Mar 31 climbed nearly 30 per cent from a year earlier on an increase in the cost of materials consumed.

Vehicle prices across segments have increased in India after the government mandated automakers to fit them with a device to monitor emissions, sparking an increase in cost. REUTERS