Homegrown auto major Tata Motors on Monday said it will hike prices of its commercial vehicles in the range of 2.5 per cent from January 1 to offset the increase in commodity and raw materials costs. The price hike will be across segments of medium and heavy commercial vehicles (M&HCV), intermediate and light commercial vehicles (I&LCV), small commercial vehicles (SCV) and buses, based on individual model and variant of the vehicle, Tata Motors said in a regulatory filing.
“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 for commercial vehicles,” it added.
While the company is absorbing a significant portion of the increased costs at various levels of manufacturing, Tata Motors said, “the steep rise in overall input costs makes it imperative to pass on some residual proportion via a minimal price hike”.
Already, car market leader Maruti Suzuki India, luxury carmakers Mercedes-Benz and Audi have announced price hikes from next month, citing the rise in input and feature enhancement costs.
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