After Maruti Suzuki, Tata Motors says considering price hike in January 2024

Car prices are showing no signs of slowing down. After Maruti Suzuki and German luxury car maker Audi Monday announced the increase in prices of their vehicles from January next year, Tata Motors also said the company is considering increasing the cost of its passenger and electric vehicles in January 2024, news agency PTI reported.

Tata Motors—a leading global automobile manufacturer— however, did not specify the quantum of the proposed hike.

Also Read | Maruti Suzuki cars to become expensive from Jan 2024! Automaker announces price hike

"We are considering a price hike across our passenger and electric vehicles in January 2024. The extent of the hike and exact details will be announced in a few weeks," PTI quoted Tata Motors' spokesperson as saying.

Earlier in the day, Maruti Suzuki announced that it will increase the prices of its vehicles from January 2024. 

Also Read | LIC keen to keep part of its stake in IDBI Bank to reap benefit of bancassurance

In a BSE filing, India’s leading automaker with 42% passenger car market share, informed the stock exchanges that due to increased pressure, it has decided to hike the price of its vehicles.  "The Company has planned to increase the prices of its cars in January 2024 on account of increased cost pressure driven by overall inflation and increased commodity prices. While the company makes maximum efforts to reduce costs and offset the increase, it may have to pass on some increase to the market," MSI informed the stock exchanges today.

Also Read | Uttarkashi tunnel collapse LIVE Updates: Machines ‘fail’, rat miners to begin manual drilling to help rescue 41 workers

It further said, "While the company makes maximum efforts to reduce cost and offset the increase, it may have to pass on some increase to the market. This price increase shall vary across models."

Before Maruri Suzuki, Audi also announced the price hike of its vehicles in India by up to 2% from January next year, citing rising input and operational costs.

Also Read | Get rewarded for UPI payments with virtual Rupay credit cards

The German luxury car maker, in a statement, said the price hike will be effective from January 1, 2024, and will be across the model range.