Industry

Tata Motors to hike prices by 2.5% from January 1, 2022


Automobile major on Monday informed the exchanges that it will be hiking the prices of its commercial vehicles from January 1, 2022. An increase in price in the range of 2.5%, will be implemented & will be put into effect across segments – M&HCV, I&LCV, SCV and Bus, basis individual model and variant of the vehicle, the company said in its statement.

Maruti Suzuki too had hiked prices of its vehicles last month, citing rising input cost pressures. “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 Tata Motors said.

“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,” it added.

Tata Motors President Passenger Vehicles Business Shailesh Chandra had told PTI earlier that prices of commodities, raw material and other input costs have continued to rise. “An appropriate price hike to at least partially offset this increase in costs seems inevitable in the near to short term,” he said.



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