Homegrown auto major Tata Motors on Monday said it will hike prices of its commercial vehicles in the range of 2.5 per cent from January 1 to offset the increase in commodity and raw materials costs. The price hike will be across segments of medium and heavy commercial vehicles (M&HCV), intermediate and light commercial vehicles (I&LCV), small commercial vehicles (SCV) and buses, based on individual model and variant of the vehicle, Tata Motors said in a regulatory filing.
“The increase in the prices of commodities such as steel, aluminium and other precious metals, in addition to higher costs of other raw materials, has incited this price hike for commercial vehicles,” it added.
While the company is absorbing a significant portion of the increased costs at various levels of manufacturing, Tata Motors said, “the steep rise in overall input costs makes it imperative to pass on some residual proportion via a minimal price hike”.
Already, car market leader Maruti Suzuki India, luxury carmakers Mercedes-Benz and Audi have announced price hikes from next month, citing the rise in input and feature enhancement costs.
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The Ultra Urban 9/9 has been built to provide enhanced comfort, safety and efficiency, with noiseless operations and zero emissions, he said, adding, “the delivery of these buses will further cement our fruitful association with AJL and foster eco-friendly mass mobility in Ahmedabad.”
The industry is expected to register a growth of 20-22% in the current financial year over a low base of FY21, said Girish Wagh, head of the commercial vehicles business unit at Tata Motors.
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