Tata cars to get costlier from January 2023: Price hike for Punch, Nexon and other cars
Delhi : Following the footsteps of Maruti Suzuki, Tata Motors will soon be announcing a price hike on all its car ranges. According to reports, the company plans to hike the price of passenger vehicles starting from January 2023 and the company claims that the pricing adjustment would bring its model range into compliance with the tougher emission norms that take effect from April 1, 2023.
Additionally, it will reduce the effects of commodity prices, which have been high for most of the year.
Vehicles must include on-board self-diagnostic equipment to monitor real time driving emission levels from April 1 next year, for those who are unaware. In order to closely monitor emissions, the monitor will continuously check important components including the catalytic converter and oxygen sensors.
Costs are going to be affected by the regulation change. The main effects of commodity prices softening won't even be seen until the next quarter, and the year's worth of commodity price increases will still be felt in the short term. The cost of batteries has also increased in the past.
A price hike is based on some of the residual effect that remains in terms of commodity costs. New laws and battery costs have also had an influence on the EV sector, according to reports.
Price hikes will apply to both ICE and EV vehicles. In the domestic market, Tata Motors offers a variety of models, including the Punch, Nexon, Harrier, and Safari. With products like Tiago EV and Nexon EV, the company is a market leader in electric vehicles.
Maruti Suzuki revealed last week that starting in January 2023, the company has plans to raise pricing for all of its models. The company said that recent regulatory requirements and ongoing cost pressure brought to the decision.
According to Maruti Suzuki, increased cost pressure is being experienced by the company due to new regulatory requirements as well as general inflation. It has become necessary to pass on some of the damage through an increase in price, even though the firm takes every effort to minimize costs and partially offset the rise. The Company has set this price hike, which will vary by model, for January 2023.