Tata Motors to hike passenger vehicle prices from 1st Feb

The weighted average increase will be 1.2%, depending on the variant and model.

India's leading vehicle manufacturer has announced a price increase across its ICE (internal combustion engine) portfolio of the passenger vehicles.

"The company has been absorbing a significant portion of the increased costs on account of regulatory changes & rise in overall input costs and is hence passing on some portion through this hike," the company said in a statement issued on 27 January 2023.

"Effective Feb 1st, 2023, the weighted average increase will be 1.2%, depending on the variant and model," it added.

Tata Motors, part of the Tata group, is a global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses.

 

Tata Motors reported a consolidated net profit of Rs 2,957.71 crore in Q3 FY23 as against a net loss of Rs 1,516.14 crore in Q3 FY22. Total revenue from operations increased by 22.5% YoY to Rs 88,488.59 crore during the quarter. EBITDA for the period under review was Rs 9,853 crore, up 33.2% YoY.

Shares of Tata Motors fell 0.45% to Rs 443.55 on the BSE.

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