Tata Motors has announced a price hike in the range of 1.5 to 2.5 per cent across its commercial vehicle portfolio on the back of increase in manufacturing costs. The new prices will be effective from July 1.
The OEM said, “While the company takes extensive measures to absorb a significant portion of the increased input costs at various levels of manufacturing, the steep rise in overall input costs makes it imperative to pass on a residual proportion via a minimised price hike.”
The company sold 32,818 commercial vehicles (CVs) in May 2022, recording a 188 per cent rise in sales albeit low-year ago base of 11,401 units in May, 2021.
Tata Motors, after having taken the market by a storm with its electric vehicle (EV) offering Nexon EV, has now stepped into the commercial EV segment. The OEM recently unveiled its first electric commercial vehicle, the Tata Ace EV and is eyeing to further electrify its CV segment in the times to come.
It’s the second time in two months that the company has announced a price hike on its commercial vehicle amid rising input costs.
