The Mumbai-based commercial and passenger vehicle maker – Tata Motors will hike prices of commercial vehicles across categories starting January 2021, the Mumbai-based vehicle manufacturer said in a press release post market hours on Monday, i.e. December 21. The price increase has been undertaken by the company owing to steady rise in material and other input costs. Price hike by Tata Motors comes days after country’s leading auto manufacturers like Maruti Suzuki and Mahindra & Mahindra announced price hikes citing rise in input costs.
However, the quantum of likely price hikes across categories of commercial vehicles was not indicated by Tata Motors.
“The steady rise in material and other input costs, impact of forex and transition to BS6 norms, have cumulatively escalated the cost of manufacturing vehicles. The company had thus far been absorbing the addition in costs but with their steady rise in line with market trend, it has become imperative to pass at least some portion of the cost increase to customers via appropriate price revisions,” Tata Motors said in a statement.