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Tata Motors, India’s largest commercial vehicle manufacturer, announced a hike in prices of its commercial vehicles in the range of 2-2.5 per cent with effect from April 1. The hike, which will be across the range, will depend upon individual model and variant.
This will be the second instance of a price hike by the Mumbai-based company in two quarters for its commercial vehicles. Tata Motors had hiked prices on January 1 to the extent of 2.5 per cent.
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 said in a release.
Higher input costs
While Tata Motors claims that it has initiated actions to absorb a significant portion of the increased costs, at various levels of manufacturing, the steep rise in overall input costs has made it imperative to pass on some residual proportion.
Luxury carmakers Mercedes-Benz and Audi have also announced a price hike from April 1. Both brands will effect a 3 per cent hike in prices to offset rising input costs.
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