One of the largest automakers in the country, Tata Motors stated on Monday that it was going to increase the price of its commercial vehicle range from January 1st, 2022. An increase in the price in the range of 2.5 per cent will be implemented across segments M&HCV, I&LCV, SCV and Bus, based on individual model and variant of the vehicle, the automaker said in a statement.
Tata Motors stated that the price of its commercial vehicle range is due to an increase in the prices of commodities such as steel, aluminium and other precious metals, in addition to higher costs of other raw materials.
The company is absorbing a large portion of the increased costs at various levels of manufacturing, but the steep rise in input costs makes it imperative to pass on some residual proportion through a minimal price hike, according to Tata Motors.
Other automakers such as Mercedes-Benz, Audi and Maruti Suzuki have already announced that they will increase vehicle prices next month.
In November, Tata Motors said its total sales increased by 25 percent to 62,192 units compared to the same month last year.
The company had sent 49,650 units in November 2020.
The automaker posted a 21 percent increase in domestic wholesales at 58,073 as opposed to 47,859 units in the year-ago period.
In November, passenger vehicle sales in the domestic market stood at 29,778 units, compared to 21,641 units in the same month last year, according to the auto major.
The domestic market's sales of vehicles rose to 32,245 units, up 15 percent from 27,982 units in November 2020, it added.