Tata Motors to hike commercial vehicle prices by around 2% from October 1

Tata Motors during week said it will increase prices of its commercial vehicle range by around 2 per cent with effect from October 1, in order to offset the impact of rising input costs. The effective price hike, in the range of 2 per cent, will be implemented based on the model and the variant of the vehicle, the auto major said in a statement.

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 stated.

Tata Motors is India’s largest manufacturer of commercial vehicles which includes trucks, buses and light commercial vehicles.

The company noted that it has strived to minimise the increase in the price by absorbing a certain portion of the cost at various levels of manufacturing.

In the last one year, there has been a gradual increase in the prices of various essential commodities like steel and precious metals. It has led to increased input costs for the automakers.

Recall that earlier this month, Maruti Suzuki  had increased prices of its entire product range, except Celerio, by up to 1.9 per cent.

The company had noted that it has taken the decision to hike prices due to an increase in various input costs.