India’s homegrown automobile giant Tata Motors has announced a price hike of its commercial vehicle range. The price increase is in the range of 2-2.5%, and will come into effect from 1 April 2022 across the range, as per the individual model and variant of vehicles.
Tata Motors said the increase in the prices of commodities including steel, aluminum and other metals, in addition to higher costs of several raw materials, has led to the impending price hike of commercial vehicles.
In a public statement to the media, Tata Motors spokesperson has said that while the company has initiated actions for absorbing 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 minimized price hike.”
The company had also increased the price of commercial vehicles at the beginning of this year.
According to a top company official, Tata Motors is also planning to invest ₹15,000 crore in the EV segment in the upcoming five years.
The auto giant being a leader in EV segment with offerings like Nexon, is also planning to develop around 10 more new offerings in the segment, President for Passenger Vehicles Business of Tata Motors Shailesh Chandra said.
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