Bengaluru: Indian automaker Tata Motors Ltd said today it would increase prices of its commercial vehicles by up to 2% from January to offset a steep rise in input costs.
“Tata Motors, India’s largest commercial vehicle manufacturer, will be increasing the prices of its commercial vehicles up to 2% from January 2023,” Tata Motors said, further adding that the increase in price will vary as per individual model and variant, and will be applicable across the entire range of commercial vehicles.
The company said that it has been absorbing a significant portion of the increased costs but the increase in input cost has compelled it to pass on some proportion to the customer through its “minimal price hike”.
This increase in commercial vehicle prices come after Maruti Suzuki and Hero MotoCorp announced a price hike.
Maruti Suzuki announced earlier this month that it plans to increase prices across models from January 2023 because of cost pressures due to inflation and regulatory requirements. “While the company makes the maximum effort to reduce cost and partially offset the increase, it has become imperative to pass on some of the impact through a price increase. The company has planned this price increase in January 2023 which shall vary across models,” it said.
Hero MotoCorp announced in November that it would increase ex-showroom prices of its motorcycles and scooters from December 1. “The price increase will be up to Rs 1,500 and the exact quantum of increase will vary by specific models and markets,” it said in an exchange filing.
Tata Motors has operations in India, the UK, South Korea, Thailand, South Africa and Indonesia, and markets its vehicles in Africa, Middle East, South & South East Asia, Australia, South America, Russia and other CIS countries.