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Tata Motors, India’s largest commercial vehicle manufacturer, has announced a price hike of its commercial vehicle range. An increase in price in the field of 2.5 per cent will be implemented from January 1, 2022, and will be put into effect across segments are M&HCV, I&LCV, SCV and Bus, based on individual model and variant of the vehicle, the company said on Monday.
“The increase in the prices of commodities such as steel, aluminum and other precious metals, in addition to higher costs of other raw materials, has incited this price hike in commercial vehicles. 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 said in a stock exchange filing.
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Car market leader Maruti Suzuki India along with luxury carmakers Mercedes-Benz and Audi, on Thursday, said they would increase prices from January to offset rising input and feature enhancement costs.
While Maruti said the price rise planned for January 2022 would vary for different models, Mercedes-Benz India said its hike would be on select models by up to up 2 per cent due to feature enhancement and rising input costs.
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