Tata Motors, a leading automaker, has announced a significant price hike across its entire vehicle portfolio in February, affecting its top-selling SUVs, the Nexon and Punch, the most. With these models being the highest volume generators for the company, this move marks a substantial change for prospective buyers.
Nexon Price Hike
The Tata Nexon, one of the company’s flagship SUVs, has seen an increase in its price by 45,000 rupees. This adjustment brings the ex-showroom price range of the Nexon to between 8.15 lakh rupees and 15.6 lakh rupees. The new prices, effective from February 2024, show an increment ranging from 0.62% to 3.7% over the previous prices, with all variants of the Nexon remaining available.
Punch Gets Pricier
Similarly, the Tata Punch has experienced a price rise of up to 17,000 rupees. This has adjusted its ex-showroom price range to fall between 6.13 lakh rupees and 10.20 lakh rupees. Notably, some variants of the Punch have been discontinued in the process.
Nexon’s Market Presence
The Tata Nexon has been a significant player in the Indian market for nearly seven years, crossing the 6 lakh production milestone. Since its launch in September 2017, it reached the 1 lakh production mark by mid-2019. By 2023, it had surpassed the production of 5 lakh units, totaling 6 lakh units to date. The calendar year 2023 alone saw the sale of 1,70,311 units of the Tata Nexon, making it the fifth best-selling car in the country and the second best-selling SUV.
The Tata Punch has also shown impressive sales figures, indicating the strong market presence and consumer demand for Tata’s SUV offerings. This price increase comes as a strategic move by Tata Motors in response to inflationary pressures, ensuring that the company continues to offer high-quality vehicles to its customers despite rising costs.