MUMBAI - Tata Motors (NYSE:TTM), the Indian multinational automotive manufacturing company, has announced a price increase averaging 0.7% across its entire range of passenger vehicles, including electric variants such as Nexon.ev and Tigor.ev. The adjustment in pricing is set to take effect from February 1, following the recent launch of the Tata Punch EV, an addition to the company's electric vehicle lineup.
The announcement of the price hike coincided with a positive reaction in the company's share value, which rose to ₹827 on the National Stock Exchange (NSE). This uptick in share price adds to Tata Motors' robust performance in the stock market, where it has previously experienced a substantial increase, with shares climbing by more than 100%.
The price increase is a common industry response to escalating input costs and is part of the broader economic landscape that car manufacturers navigate regularly. Investors and consumers alike will be watching closely to see how these changes impact Tata Motors' market position and financial health as the company adapts to evolving market conditions and consumer preferences in the automotive sector.
Today, Tata Motors also reported a domestic sales volume of 550,838 passenger vehicles in the previous year. This reflects a notable growth of 4.56% year-on-year from the high benchmark of 526,798 units in 2022. The recently launched electric Punch.ev model is priced between Rs 10.99 lakh and Rs 15.49 lakh, further expanding the company's electric vehicle lineup.
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