The company cited a rising input-cost as the major factor for their price increase.
Homegrown carmaker Tata Motors today announced its decision to hike prices across its entire passenger vehicle line-up by up to Rs 25,000, effective from January 2018. "We are optimistic on maintaining our growth trajectory in the coming year on the back of our robust product portfolio like TIAGO, HEXA, TIGOR, and the recently launched NEXON".
The introductory prices of the recently launched compact SUV Nexon will be ending by December 31 and this entire range will also witness a price hike from January 2018 by up to Rs 25,000, the company said.
Pareek said he was not anxious about the higher prices hitting the company's growth prospects.
Tata Motors shares traded flat after the announcement at Rs 411.50 a piece on BSE Sensex intraday.
The company had launched 10,000 NEXON models last month from its Ranjangoan facility.
Tata Motors has sold 80,191 units as compared to Honda's 78,760 cars for the July-November period helped by the newly launched sports utility vehicle Nexon in September that hit sales of 3,000 units per month. It has hit modest success with recent auto models like Tigor and Tiago.