Tata Motors is set to hike the prices of its commercial vehicles starting October 1, 2021 to offset the impact of rising input costs. “The effective price hike, in the range of 2%, will be implemented basis the model and the variant of the vehicle,” the company said in an exchange filing.
“The continued rise in the cost of commodities, such as steel and precious metals, necessitates the company to pass on a part of it through increase in price of the products,” it said.
The company has further strived to minimise the increase in the price by absorbing a certain portion of the cost at various levels of manufacturing. Further, Tata Motors continues the efforts to deliver the lowest total cost of ownership for its customers and fleet owners, Tata Motors added.
Rising commodity prices have forced several automakers to increase thr prices of their vehicles to to pass on some impact of the additional cost to the consumers. The company has already hiked the prices of its passenger vehciles in August. Last month, cpuntry’s largest carmaker Maruti Suzuki also announced that its select models’ pricing has been increased by 1.9%. Tata Motors shares were trading lower after the company announced price hikes.