Tata Motors has announced its plan to increase the price of its entire commercial vehicle (CV) range in India from January 1, 2022. The company has said that the price hike will be in the range of 2.5 per cent, depending on the model, and the revised prices will come into effect across all commercial vehicle segments, basis individual models and variants of the vehicle. Tata Motors is currently the largest commercial vehicle manufacturer in India and offers vehicles across Medium & Heavy Commercial Vehicle (M&HCV), Intermediate & Light Commercial Vehicle (I&LCV), Small Commercial Vehicle (SCV) and Buses.
Also Read: Car Sales November 2021: Tata Registers 21 Per Cent Growth In Domestic Volumes
Tata Motors says the price hike is mainly due to the increase in the prices of commodities such as steel, aluminium, and other precious metals, in addition to higher costs of other raw materials
In its official communication, Tata Motors has stated that the price hike is mainly due to 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 commercial vehicles. The automaker has said that while the company is absorbing a significant portion of the increased material 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".
Also Read: Maruti Suzuki To Increase Vehicle Prices From January 2022
Tata Motors is not the first original equipment manufacturer (OEM) to announce a price hike from January 2022. So far, other OEMs like Maruti Suzuki India, Mercedes-Benz India, and Audi India, have also announced that they will be increasing vehicle prices from January 2022 due to the rising input cost of raw materials. While currently, only the CV business of Tata Motors has announced a price hike, we expect the passenger vehicle business will also announce a price hike soon.
