Tata Motors Reduces Prices Of Harrier And Safari, Offers Savings Of Up To Rs 1.4 Lakh
Tata Motors Ltd has reduced its starting prices of its sports utility vehicles—Harrier and Safari will give benefits of up to Rs 1.4 lakh on SUV variants, the automaker said in a statement on Tuesday.
The new starting prices are Rs 14.99 lakh for the Harrier and Rs 15.49 lakh for the Safari, the automaker said in a statement. Additionally, the company is offering benefits of up to Rs 1.3 lakh on the Nexon.ev and up to Rs 30,000 on the Punch.ev. These offers are valid for all bookings until July 31.
This initiative is part of the 'King of SUVs' festival, celebrating the company's milestone of 20 lakh SUVs on Indian roads, it said.
Tata Motors has increased its investment outlay for the fiscal 2025 to Rs 43,000 crore for new products and technologies, with its British arm, Jaguar Land Rover, absorbing the maximum share, PTI reported in May quoting a senior official.
In the financial year ended March 2024, Tata Motors group had provided guidance for a 3-billion-pound investment for Jaguar Land Rover (about Rs 30,000 crore) and Rs 8,000 crore for Tata Motors, totalling approximately Rs 38,000 crore.
Brokerage firm Nomura, which has a buy rating on the stock with a price target of Rs 1,141 per share, said on Monday that it expects Tata Motors Ltd. to turn net cash of Rs 12 and Rs 85 per share for fiscal 2025 and fiscal 2026, respectively, from a net debt of Rs 16,000 crore in the fourth quarter of fiscal 2024.
In June, Tata Motors' sales fell by 8% year-on-year to 74,147 units, with all segments of its automotive business suffering. Total passenger vehicle sales were down by 8% year-on-year at 43,624 units, while total electric vehicle sales decreased by 34% year-on-year to 4,657 units. For the quarter ended June, total passenger vehicle sales declined by 1% year-on-year to 1.40 lakh units, and total electric vehicle sales dropped by 14% year-on-year to 16,579 units.
Despite the decline in domestic sales, the company's global wholesales, including Jaguar Land Rover, rose by 2% to approximately 3.3 lakh units in the first quarter of the financial year.
Following the announcement, shares of Tata Motors rose to Rs 1,014.95 apiece, compared with a 0.4% gain in the NSE Nifty 50.
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