tata motors: Tata Motors to hike price of commercial vehicles by up to 3% from Jan 1, 2024

0

Indian automobile manufacturer Tata Motors on Sunday announced that it will hike the prices of commercial vehicles by up to 3 per cent with effect from January 1, 2024. Informing the exchanges, the company said that the price increase is to offset the residual impact of the past input costs.

Further, the hike will be applicable across the entire range of commercial vehicles, it said.

The commercial range includes Tata Ace, Tata Intra, Tata Winger among other popular models.

Tata Motors reported 1.73 per cent decline in overall global sales at 74,172 units in November 2023 as compared to 75,478 units in the same month last year. Total domestic sales were at 72,647 units last month as compared to 73,467 units in November 2022, down 1 per cent, Tata Motors said in a regulatory filing.

Its total commercial vehicles (CV) sales in November 2023 were at 28,029 units as compared to 29,053 units in the same month last year, down 4 per cent.

The auto company had earlier confirmed that prices will increase, including for electric vehicles. A company spokesperson said, “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.”Earlier this month, Mahindra & Mahindra announced its decision to raise prices for both passenger and commercial vehicle models, effective from January 2024 stating this as a strategic move in response to the mounting challenges posed by inflation and the surge in commodity prices impacting the automotive sector.Honda Cars India also plans to increase prices of its vehicles from January in order to partially offset the impact of riding input costs, news agency PTI reported. The Japanese carmaker sells three models, Elevate, City and Amaze, in the Indian market.

Luxury car dealer Audi has also announced a hike of 2 per cent and Mercedes-Benz, too, is mulling raise prices.

Leave a Reply

Your email address will not be published. Required fields are marked *