Tata Motors has announced that it will be increasing prices across its commercial vehicle range with effect from January 1, 2021. With the announcement, the company joins the likes of Mahindra & Mahindra and Isuzu to hike prices across their respective commercial vehicle line-up. In a statement, Tata Motors said, "The steady rise in material and other input costs, the impact of forex and transition to BS6 norms, have cumulatively escalated the cost of manufacturing vehicles." The price increase will be applicable across the portfolio and the actual change in price will depend on the individual model, variant, and fuel type.
Tata further said that it had been absorbing the additional costs incurred so far, but now needed to pass at least some portion of the cost increase to customers via "appropriate" price revisions. The company has not revealed the quantum of the price hike though. The automaker also said that the move was in-line with the market trend of increasing prices for the new year.
Tata Motors' commercial vehicle range comprises medium and heavy vehicles, light and intermediate commercial trucks as well as the small commercial vehicle range of vehicles and buses. The company also has a range of electric offerings in its line-up.
Not just Tata, but other carmakers have also been announcing price hikes for the new year. BMW India and Audi will hike prices from 2021 in the luxury space, while Maruti Suzuki, Mahindra, Hyundai, Honda, among others will also raise prices from January 1. In the two-wheeler space, Hero MotoCorp and Jawa Motorcycles are confirmed to hike prices from next month and we expect a number of new announcements in the days to come.