India’s largest commercial vehicle manufacturer Tata Motors has announced an impending price hike of its commercial vehicle range.
According to a press release from the company, the price increase will be in the range of 2.5%, effective from January 1, 2022. It will be put into effect across segments – M&HCV, I&LCV, SCV and Bus, basis on individual models and variants of the vehicle.
The company said that the price increase was inevitable due to growing prices of commodities such as steel, aluminium and other precious metals, in addition to higher costs of other raw materials.
While the company is absorbing 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 minimal price hike, the company added.