Auto major Tata Motors on July 9 announced a price hike for its passenger vehicles. A weighted average increase in the price of 0.55 percent will come into effect starting today, across the range, depending upon the variant and model.
The company informed that it is taking the decision due to increased input costs. “The company has taken extensive measures to absorb a significant portion of the increased input costs. However, to offset the residual impact of the accumulated increase in input costs, it is passing on a minimized price hike,” it said in a statement.
Meanwhile, Tata Motors on July 8 reported a massive 48 percent year-on-year jump in global wholesales during the first quarter of fiscal year 2022-23.
The company’s global wholesale of vehicles, including the flagship Jaguar Land Rover brand, increased to 3,16,443 units during the three-month period ending June 30, 2022.
It is also to be noted that Tata Motors is also planning to publicly list its global product engineering and digital services subsidiary Tata Technologies. It has also appointed bankers for the initial public offering (IPO).
This could be the first public float from the Tata Group since Tata Consultancy Services in 2004.