Tata Motors announced on Monday that they will increase the prices of their passenger vehicles, including electric vehicles (EVs), by an average of 0.6% across all models and variants starting from July 17.
What Happened? Per a PTI report, the company attributes this increase to the need to offset the lasting impact of previous input costs.
Customers who book a vehicle before July 17, 2023, and take delivery by July 31, 2023, will enjoy price protection against the hike. The company’s product line includes popular models such as the Punch, Nexon, and Harrier.
PV Sales On The Rise: In June, Tata Motors reported total sales of 81,673 units, a slight 1.1% decrease from the 82,570 units sold during the same month the previous year. However, this figure surpassed Nomura’s estimate of 78,000 units.
Commercial vehicle sales experienced an 8% dip, dropping to 34,314 units from 37,265 units the previous year. On the flip side, passenger vehicle sales rose 5% year-on-year to 47,359 units, an increase from the 45,305 units sold during the same month last year. As a result, total domestic sales increased by 1% year-on-year to 80,383 units in June.
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This growth in passenger vehicle sales is largely due to a significant surge in electric vehicle sales, which more than doubled to 19,346 units, marking a record for any quarter.
Price Action: Tata Motors' share price was down 0.32% to trade at ₹593.65. The stock had hit a new 52-week high of ₹601.60 earlier in the day.
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