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You may have to pay more for Punch, Nexon, and other Tata cars from January 2023 – EQ Mag

You may have to pay more for Punch, Nexon, and other Tata cars from January 2023 – EQ Mag

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After Maruti Suzuki, Tata Motors may soon announce a price hike for its vehicles across models. In an interaction with new agency PTI, Tata Motors Managing Director – Passenger Vehicle and Electric Vehicles Shailesh Chandra said the company is looking to increase passenger vehicle prices from next month. The price revision, he says, will make its model range compliant with stricter emission norms which kick in from April 1, 2023.

It will also help offset the impact of commodity prices, which have remained high for the most part of the year.

For those unaware, vehicles from April 1 next year will need to have an on-board self-diagnostic device to monitor the real-time driving emission levels. The monitor will constantly monitor key parts such as the catalytic converter and oxygen sensors, to keep a close watch on emissions.

“The regulatory change will have its impact on the cost. Even the real impact of softening of commodity prices is only going to come from next quarter and we still have the residual impact of the commodity escalation that we have seen during the year,” he said.

He further added that the prices of battery have also gone up in the past. But the same has not been passed on to the market.

“So we are evaluating a price increase basis some of the residual effect that is left as far as the commodity prices are concerned. Battery prices and new regulations have also impacted the EV side,” Chandra mentioned.

The price rise, he says, will be for both the ICE and EVs models. Tata Motors sells a range of models like Punch, Nexon, Harrier, and Safari in the domestic market. The company leads the electric vehicle segment with offerings like Tiago EV and Nexon EV.

Last week, Maruti Suzuki announced that the company has planned to increase prices across models from January 2023. The company said that the decision was prompted by continued cost pressure due to overall inflation and recent regulatory requirements.

In a regulatory filing, Maruti Suzuki said, “The Company continues to witness increased cost pressure driven by overall inflation and recent regulatory requirements. While the company makes maximum effort to reduce cost and partially offset the increase, it has become imperative to pass on some of the impact through a price increase. The Company has planned this price increase in January, 2023 which shall vary across models.”

Source: livemint
Anand Gupta Editor - EQ Int'l Media Network