Tata Motors says increased commodities prices and higher costs of raw materials led to this hike
Tata Motors, the country’s largest commercial vehicle manufacturer, has announced its decision to increase prices from April 2022. The company has said that prices will go up in the range of 2 to 2.5 per cent, depending upon individual models and variants. The new prices will come into effect from April 1, 2022, and the revision will happen across the company’s commercial vehicle range. Tata Motors has said that increased commodities prices and higher costs of raw materials led to this price hike.
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In its official communication, Tata Motors has stated that “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 of commercial vehicles.” Tata Motors says that it has initiated actions to absorb a significant portion of the increased costs, at various levels of manufacturing. However, the steep rise in overall input costs makes it imperative for the company to pass on some residual proportion with a price hike.
Also Read: Tata Motors To Increase Commercial Vehicle Prices By 2.5% From January 1, 2022
This is the second time that the company will be increasing CV prices in India. Earlier, Tata Motors had increased commercial vehicle prices in India on January 1, 2022. Back then too, the company had increased prices by 2.5 per cent. Currently, Tata Motors is 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.
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