Tata Motors to hike commercial vehicles prices by up to 2% from Jan
Tata Motors has been absorbing a significant portion of the increased costs, but the steep rise in overall input costs has compelled it to pass on some proportion through a price hike
Tata Motors on Tuesday said it will increase the price of its commercial vehicles by up to 2% from January 2023 across its range, depending upon individual models and variants.
The company has been absorbing a significant portion of the increased costs, but the steep rise in overall input costs has compelled it to pass on some proportion through a price hike, the company said in an exchange filing.
This is the third time that Tata Motors has hiked the prices of its commercial vehicles this year. In July, it had increased the prices of its commercial vehicles by 1.5-2.5%, and in April, by 2-2.5%.
Earlier this month, Tata Motors said its sales in the domestic and international market for November 2022 stood at 75,478 units compared to 62,192 units in November 2021. Total domestic sales stood at 73,467 units, up 27% on-year. Commercial vehicle sales were at 29,053 units, down 10% on-year.
Tata Motors reported a consolidated loss of ₹944.6 crore on revenue of ₹79,611.37 crore in Q2 FY23.
The business showed strong sequential recovery with positive free cash flow (automotive) of ₹11,916 crore in second half of FY22. “Despite the margins being impacted by supply chain issues and runaway commodity inflation, our India business ended with strong free cash flows of ₹1,879 crore. We are committed to restoring the profitability of this business as it returns to competitive growth and inflation stabilizes," chairman N Chandrasekaran said in the annual report.
On Tuesday, shares of Tata Motors ended 1.05% higher at ₹418.50 on the National Stock Exchange.
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