Tata Motors to implement 3% price hike on commercial vehicles from 1st January

Tata Motors has announced a 3% increase in the prices of its commercial vehicles starting January 1, 2024. This announcement comes as the company aims to counterbalance the residual impacts of past input costs, according to a filing with regulatory authorities.

The price hike will span the entire spectrum of commercial vehicles offered by Tata Motors. While the automaker didn't initially specify the extent of the potential increase, it later confirmed the up to 3% raise.

Tata Motors, renowned for its diverse portfolio ranging from the Tiago hatchback to the premium SUV Safari, priced between Rs 5.6 lakh and Rs 25.94 lakh, had previously indicated the likelihood of a price adjustment.

This move aligns Tata Motors with several other major automotive companies like Maruti Suzuki, Mahindra & Mahindra, Honda, and Audi, all of which have also announced price hikes from January.

India's regulatory requirements are steering the automotive industry towards stricter fuel efficiency norms since April of the current year. Additionally, the mandate for all cars to be equipped with six airbags by October has set forth challenges for automakers.

Despite a slight decrease in key commodity prices from their historic highs, automobile manufacturers have been compelled to implement price hikes to maintain margins, especially within a high-inflation environment.

Also Watch: Maruti Suzuki, M&M, and Audi India to hike prices for Jan 2024