Mumbai, June 18 (IANS) Leading automobile firm Tata Motors on Thursday announced a price increase of up to 2.5 per cent across its commercial vehicle range, with the revised prices set to take effect from July 1.
The company said the price hike is being undertaken to partially offset the impact of rising commodity prices and other input costs.
According to Tata Motors, the extent of the increase will vary depending on the model and variant.
“The price increase is being undertaken to partially offset the impact of rising commodity prices and other input costs,” the company said in a statement.
Earlier this month, Tata Motors Passenger Vehicles (TMPV) announced a price increase of up to 1.5 per cent across its passenger vehicle portfolio, including internal combustion engine (ICE) and electric vehicle (EV) models, effective next month.
The company had then said the increase was aimed at partially offsetting the impact of rising input costs and continued inflationary pressures, while continuing to absorb a significant portion of the cost escalation internally.
Automobile manufacturers have increasingly resorted to calibrated price hikes in recent months to protect margins amid fluctuations in raw material prices and higher operational expenses.
Last month, Hyundai Motor India announced a price increase of up to Rs 12,800 across its model range, citing higher commodity prices, rising input costs and elevated operating expenses.
Similarly, Maruti Suzuki India revised prices across several models earlier this year to mitigate the impact of rising production costs.
Shares of Tata Motors Commercial Vehicles (TMCV) on Thursday were trading flat at Rs 404.85 apiece on the NSE. The auto stock touched a 52-week high of Rs 509 and a 52-week low of Rs 306.30 on the exchange.
–IANS
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