Tata Motors, a leading automaker, announced a significant price hike across its entire vehicle portfolio in February, hitting its best-selling SUVs, the Nexon and the Punch, the most. Since these models are the highest volume generators for the company, this move marks a substantial change for potential buyers.
Nexon price increase
The Tata Nexon, one of the company’s flagship SUVs, has seen a price hike of Rs 45,000. This adjustment brings the ex-showroom price range of the Nexon to between Rs 8.15 lakh and Rs 15.6 lakh. The new prices, effective from February 2024, show an increase ranging between 0.62% and 3.7% compared to previous prices, and all Nexon variants will remain available.
Punch becomes more expensive
Similarly, the Tata Punch has seen a price hike of up to Rs 17,000. This has adjusted its ex-showroom price range to fall between Rs 6.13 lakh and Rs 10.20 lakh. Notably, some variants of the Punch have been discontinued in the process.
Nexon’s market presence
The Tata Nexon has been a major player in the Indian market for almost seven years, crossing the 6 lakh production milestone. Since its launch in September 2017, it reached the 1 lakh production mark in mid-2019. By 2023, it had crossed production of 5 lakh units, totaling 6 lakh units till date. In the calendar year 2023 alone, 1,70,311 units of the Tata Nexon were sold, 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.