Staff Writer
Mumbai: Tata Motors announced on Thursday that it will increase the prices of its commercial vehicles by 2 per cent, effective April 1. It said that the price increase has been decided on to offset the residual impact of the past input costs.
“Tata Motors, India’s largest commercial vehicle manufacturer, announced that it will increase the price of its commercial vehicles effective 1st April 2024, up to 2%. The price increase is to offset the residual impact of the past input costs. While the price increase will vary as per individual model and variant, it will be applicable across the entire range of commercial vehicles,” the company said in a press communique.
Tata Motors had, before this, hiked the prices of commercial vehicles by 3 per cent, effective January 1. The company had hiked the prices for its passenger vehicles by 0.7 per cent, effective February 1. It had said in the announcement that this price hike is to offset the the rise in input costs.
Tata Motors recently announced its plans to demerge the company into two separate publicly traded companies – one for the commercial vehicle business and the other for the passenger vehicle business, which will include electric vehicles and Jaguar Land Rover, to unlock more value for its businesses.
In February, Tata Motors sold a total of 35,085 commercial vehicles, which represents a decline of 4 percent from the year-ago period.