Indian auto major Tata Motors has increased prices of its passenger vehicles by up to Rs 12,000 ($179.94/pounds 146.47) across models to offset rising input costs.
"We have hiked prices of our passenger vehicles by one per cent ranging between Rs 5,000 ($71.02/Pounds 61.02) and Rs 12,000 ($179.94/pounds 146.47) due to rising input costs," says Mayank Pareek, president, Passenger Vehicles Business Unit, Tata Motors.
He said prices of raw materials such as steel and zinc had gone up prompting the company to take such a step.
Tata Motors sells a range of passenger vehicles, including the entry-level small car Nano, newly-launched hatchback Tiago and crossover vehicle Aria, which were priced between Rs 2.15 lakh ($3224/pounds 2624.51) and Rs 16.3 lakh ($24439.45/pounds 19897.48)(ex-showroom Delhi).
The company's main rival Mahindra & Mahindra has hiked prices of some of its passenger and small commercial vehicles by up to 1 per cent from this month.
In August, Hyundai Motor India also had hiked prices by up to Rs 20,000 ($299.87/pounds 244.12) across its models while Maruti Suzuki India had done so for its various models by up to Rs 20,000 ($299.87/pounds 244.12).
