Tata Motors to hike prices of commercial vehicles from next year. Details here | Mint
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Business News/ Companies / News/  Tata Motors to hike prices of commercial vehicles from next year. Details here
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Tata Motors to hike prices of commercial vehicles from next year. Details here

The price hike will be implemented across the complete spectrum of commercial vehicles, encompassing well-known models such as Tata Ace, Tata Intra, and Tata Winger.

Tata Motors (Photo: Mint)Premium
Tata Motors (Photo: Mint)

Tata Motors, the Indian automotive manufacturer, announced on Sunday, December 10, its decision to implement a price hike of up to 3% on commercial vehicles, effective January 1, 2024. The company informed the stock exchanges that this adjustment is aimed at mitigating the lingering effects of previous increases in input costs.

Moreover, the increase will be implemented across the complete spectrum of commercial vehicles, encompassing well-known models such as Tata Ace, Tata Intra, and Tata Winger, among others in the commercial lineup.

Tata Motors disclosed a marginal 1.73% decrease in its global sales for November 2023, reporting a total of 74,172 units compared to 75,478 units in the corresponding month of the previous year. The domestic market also experienced a slight dip, with total sales reaching 72,647 units, reflecting a 1% decline from the 73,467 units recorded in November 2022, as stated in the company's regulatory filing.

Specifically, the commercial vehicles (CV) segment witnessed a 4% reduction in sales, with November 2023 figures totaling 28,029 units compared to 29,053 units in the same month of the preceding year.

“We are considering a price hike across our passenger and electric vehicles in January. The extent of the hike and exact details will be announced in a few weeks." a company spokesperson said.

The automotive company had previously affirmed that there would be a price hike, encompassing electric vehicles as well.

Earlier this month, Mahindra & Mahindra unveiled its decision to implement price hikes across its range of passenger and commercial vehicle models, starting January 2024. The company positioned this move as a strategic response to the escalating challenges posed by inflation and the upsurge in commodity prices, which have been exerting pressure on the automotive sector.

According to reports from news agency PTI, Honda Cars India is set to follow suit by increasing the prices of its vehicles in January. This adjustment is aimed at partially mitigating the impact of rising input costs. The Japanese automaker currently offers three models—Elevate, City, and Amaze—in the Indian market.

In addition, luxury car dealer Audi has officially announced a 2% price hike, while Mercedes-Benz is also contemplating a similar adjustment.

 

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Published: 10 Dec 2023, 01:45 PM IST
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