Lagatar24 Desk
New Delhi, Sept.21: Tata Motors announced on Tuesday that it will increase the pricing of its commercial vehicle line by roughly 2% starting October 1 as a result of rising input costs. The effective price increase, which will be in the range of 2%, will be determined by the vehicle’s model and variant, the company stated. The company noted that the continuing rise in the cost of commodities such as steel and precious metals requires it to pass on a portion of the cost through an increase in product price.
Tata Motors is India’s largest commercial vehicle manufacturer, producing trucks, buses, and light commercial vehicles. The company stated that it has attempted to keep the price rise to a minimum by absorbing a percentage of the cost at various stages of production. The costs of many basic commodities such as steel and precious metals have gradually increased over the last year. The automakers’ input prices have risen as a result.
Maruti Suzuki India (MSI), the country’s largest carmaker, raised prices across the board earlier this month, save for the Celerio, by up to 1.9 percent. The company stated that it had decided to raise prices as a result of an increase in various input costs. MSI raised its prices for the third time this year. Hero MotoCorp has raised pricing on two-wheelers three times already this year. With effect from September 20, the business has increased the ex-showroom prices of its bikes and scooters by Rs 3,000. The two-wheeler behemoth had already raised the cost of its bikes and scooters by up to Rs 1,500 in January and Rs 2,500 in April of this year. The two-wheeler major had previously raised the pricing of its bikes and scooters by up to Rs 1,500 in January and Rs 2,500 in April this year, blaming higher input costs.
