Tata Motors on March 22 announced that it will hike prices of its commercial vehicle range by 2-2.5 percent, depending on individual model and variant, with effect from April 1.
In its filing with the exchanges, Tata Motors called this “an impending price hike”. India’s largest commercial vehicle manufacturer cited increase in the prices of commodities such as steel, aluminium and other precious metals, in addition to higher costs of other raw materials, as reasons for the hike.
“While the company has initiated actions to absorb a significant portion of the increased costs, at various levels of manufacturing, the steep rise in overall input costs makes it imperative to pass on some residual proportion via a minimised price hike,” the statement said.
Follow our Market LIVE coverage here
After the announcement, Tata Motors was quoting at Rs 424.20, down Rs 3.75, or 0.88 percent on the BSE.
Part of the Tata Group, Tata Motors is a $34-billion auto manufacturer – leading the commercial vehicles (CV) segment and among the top three in the passenger vehicles (PV) segment. It is also keen on electric vehicles (EV) and is “playing an active role liasoning with the government to develop the policy framework.
Tata Motors has R&D centres in India, Italy, South Korea, the US and UK; and conducts operations in India, Indonesia, South Africa, South Korea and Thailand, supported by a global network of 103 subsidiaries, nine associate companies, four joint ventures and two joint operations as on March 31, 2021.
Its CVs and PVs are marketed in countries across Africa, Australia, Middle East, Russia, South America, South Asia, South East Asia and other CIS countries.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
