MUMBAI, May 8 (Xinhua) -- India's leading automobile manufacturer, Tata Motors, has raised prices of its passenger vehicles effective Saturday by an average 1.8 percent depending on the variant and model, the company said in its filing with the Bombay Stock Exchange on Friday.
"Increase in prices of commodities, such as steel and precious metals, necessitates us to pass on a part of it through increase in price of our products," said Shailesh Chandra, president of Passenger Vehicles Business Unit at Tata Motors based in Mumbai.
Several Indian automobile companies had raised vehicle prices in April, which was the second price hike of the calendar year.
Rising raw material prices from steel to semi-conductors, among others, has forced Indian auto manufacturers to raise their price this year, said an auto analyst with a domestic brokerage house.
In April, India's largest car manufacturer Maruti Suzuki increased prices between 1 to 6 percent from a minimum of Rs 5,000 and maximum of Rs 34,000, depending upon the vehicle model. Enditem