Automakers Tata Motors and Nissan India today announced they will increase the prices of their models from next month in order to partially offset the impact of rising input costs.
In a statement, Tata Motors said it would hike prices of its passenger vehicles (PV) by up to Rs 60,000 from April 1.
"The rising input costs, changing market conditions and various external economic factors, have compelled us to consider the price increase," Tata Motors President, Passenger Vehicle Business, Mayank Pareek said.
He, however, said the company is optimistic of maintaining its growth trajectory in the coming year on the back of a "robust product portfolio like Tiago, Hexa, Tigor and Nexon".
The company sells a range of passenger vehicles, from the Gen X Nano at a starting price of Rs 2.28 lakh to premium SUV Hexa with price going up to Rs 17.42 lakh (ex-showroom Delhi).
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Similarly, Nissan said it will increase prices of its vehicles, including products under the Datsun brand, by up to 2 per cent in India from next month.
Nissan currently sells three models -- Micra, Sunny and Terrano -- in India priced between Rs 4.64 lakh and Rs 14.46 lakh.
Datsun models -- GO, GO+ and redi-GO -- are currently priced between Rs 2.49 lakh and Rs 5.12 lakh (all prices ex-showroom Delhi).
"Due to rising input costs, we will be increasing the price of our Nissan and Datsun cars with effect from April 1, 2018. We are confident that our cars will continue to offer excellent value and choice to our customers," Nissan Motor India Managing Director Jerome Saigot said.
Last week, German luxury carmaker Audi had announced price hike in the range of Rs 1-9 lakh, effective April 1, to pass on the impact of increased customs duty in the Budget.
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