TTM - Tata Motors raised prices of passenger vehicles

Tata Motors (NYSE:TTM) down 2% premarket following the prices increase of its passenger vehicles, effective April 23, 2022. The company raised the price to combat the rise in input cost. The weighted average increase is 1.1%, depending on the variant and model. The company has also increased the prices of its commercial vehicles by 2% - 2.5%, based on individual model and variant, effective April 1, 2022. Management comments: "While the company has initiated actions to absorb a significant portion of the increased costs, at various levels of manufacturing, the steep rise in overall input costs makes it imperative to pass on some residual proportion via a minimised price hike." Since the start of 2022, shares have slipped ~16% but grew more than 40% over a period of one year.

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Tata Motors raised prices of passenger vehicles