Automobile major Tata Motors said it will increase prices of its entire passenger vehicles range by up to Rs 40,000 from January 1, 2019. According to the company, the hike in price from next year is due to rising input costs and an increase in fuel prices. Maruti Suzuki, Toyota Kirloskar, BMW, Renault, Ford and Isuzu have already announced price hike from next month citing the impact of an increase in commodity prices and foreign exchange rates.
"The changing market conditions, rising input costs and various external economic factors have compelled us to consider this price increase," said Mayank Pareek, President, Passenger Vehicle Business Unit, Tata Motors.
"We are optimistic on maintaining our growth trajectory in the coming year on the back of our robust portfolio consisting of segment-leading products like Tiago, Hexa, Tigor and the Nexon. Early 2019 will also mark the entrance of our most awaited SUV -- the Harrier."