Tata Motors will increase the price of its commercial vehicles by up to 2 percent from April 2024 to mitigate the impact of past material price inflation.
“The price increase is to offset the residual impact of the past input costs. While the price increase will vary as per individual model and variant, it will be applicable across the entire range of commercial vehicles,” the automaker said in a press release.
Tata Motors is India’s largest commercial vehicle manufacturer. The company had increased the prices of its commercial vehicles by up to 3 percent in January as well, citing the residual impact of the past input costs.
In February, Tata Motors sold a total of 35,085 commercial vehicles, which represents a decline of 4 percent from the year-ago period.
Tata Motors recently announced its plans to demerge the company into two separate publicly traded companies – one for the commercial vehicle business and the other for the passenger vehicle business, which will include electric vehicles and Jaguar Land Rover, to unlock more value for its businesses.