New Delhi, June 12 (IANS) Tata Motors Passenger Vehicles (TMPV) on Friday announced an increase of up to 1.5 per cent in prices across its passenger vehicle portfolio, including internal combustion engine (ICE) and electric vehicle (EV) models, effective July 1.

The company announced the price revision through a filing on the exchanges.

According to the company, the increase is aimed at partially offsetting the impact of rising input costs and continued inflationary pressures.

TMPV said it continues to absorb a significant portion of the cost escalation internally, while passing on a part of the increase to customers through the latest price adjustment.

The company added that the extent of the price hike will vary across models and variants.

The move will apply across Tata Motors’ passenger vehicle range spanning conventional fuel-powered vehicles as well as electric offerings, it added.

According to the automaker, the revision has been calibrated to ensure that the overall value proposition of its products remains intact despite cost pressures.

Following this, shares of the TMPV traded higher at Rs 385.60 on the BSE.

Other leading automobile companies have increasingly resorted to calibrated price hikes in recent months to protect margins while continuing investments in new products and technology.

Last month, Hyundai Motor India had announced a price increase of up to Rs 12,800 across its model range from June, citing rising input costs, elevated commodity prices and higher operational expenses.

Similarly, Maruti Suzuki India announced a price hike of up to Rs 30,000 across its portfolio from June, attributing the decision to sustained increases in input costs.

In addition, Mahindra and Mahindra (M&M) had revised prices for its SUV and commercial vehicle range earlier this year.

–IANS

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