Tata Motors announces 3% price hike for commercial vehicles from January 2024
This decision is aimed at offsetting the residual impact of past input costs and will be applicable across the entire range of commercial vehicles
- Dec 10, 2023,
- Updated Dec 10, 2023 5:36 PM IST
Tata Motors has announced a price increase for its commercial vehicles, effective January 1, 2024, with a hike of up to 3 percent. This decision is aimed at offsetting the residual impact of past input costs and will be applicable across the entire range of commercial vehicles, according to a regulatory filing by the automaker.
Tata Motors offers a diverse range of passenger vehicles, including the Tiago hatchback and the premium SUV Safari, priced between Rs 5.6 lakh and Rs 25.94 lakh. The company had previously indicated its intention to implement a price hike without specifying the exact percentage.
Joining the ranks of other automakers like Maruti Suzuki, Mahindra & Mahindra, Honda, and Audi, Tata Motors' decision aligns with the industry trend of announcing vehicle price increases in January.
India recently mandated stricter fuel efficiency norms from April, along with the requirement for all cars to have six airbags by October. Despite a moderation in key commodity prices from record levels, automakers are opting for price hikes to bolster margins in the face of a high inflation environment.
On December 8, Tata Motors' shares closed 1 percent lower at Rs 714.65 apiece on the BSE. This announcement comes as the broader market, represented by the Sensex and Nifty 50, experienced its longest weekly winning streak in three years, driven by strong macroeconomic data, a decline in oil prices, and the Reserve Bank of India's (RBI) decision to pause rates.
Several prominent automakers in India are gearing up for price hikes in January 2024, citing various factors contributing to increased costs:
Maruti Suzuki India has previously announced a significant price hike for select models from January 2024. The increase is attributed to inflationary pressures and volatility in commodity prices.
MG Motor India has confirmed that it will implement price increases for all its models from January 2024. The decision is driven by rising costs associated with overall inflation and increased commodity prices.
Audi, the German luxury car manufacturer, plans to raise prices in India by up to 2 per cent from January 2024. The price hike is attributed to the increasing input and operational costs.
Mahindra and Mahindra have also expressed their intention to increase prices for their automotive products, effective January 2024. The decision takes into consideration the outlook on inflation and commodity prices.
Also Read: IMD issues dense fog alert for THESE states for next two days
Tata Motors has announced a price increase for its commercial vehicles, effective January 1, 2024, with a hike of up to 3 percent. This decision is aimed at offsetting the residual impact of past input costs and will be applicable across the entire range of commercial vehicles, according to a regulatory filing by the automaker.
Tata Motors offers a diverse range of passenger vehicles, including the Tiago hatchback and the premium SUV Safari, priced between Rs 5.6 lakh and Rs 25.94 lakh. The company had previously indicated its intention to implement a price hike without specifying the exact percentage.
Joining the ranks of other automakers like Maruti Suzuki, Mahindra & Mahindra, Honda, and Audi, Tata Motors' decision aligns with the industry trend of announcing vehicle price increases in January.
India recently mandated stricter fuel efficiency norms from April, along with the requirement for all cars to have six airbags by October. Despite a moderation in key commodity prices from record levels, automakers are opting for price hikes to bolster margins in the face of a high inflation environment.
On December 8, Tata Motors' shares closed 1 percent lower at Rs 714.65 apiece on the BSE. This announcement comes as the broader market, represented by the Sensex and Nifty 50, experienced its longest weekly winning streak in three years, driven by strong macroeconomic data, a decline in oil prices, and the Reserve Bank of India's (RBI) decision to pause rates.
Several prominent automakers in India are gearing up for price hikes in January 2024, citing various factors contributing to increased costs:
Maruti Suzuki India has previously announced a significant price hike for select models from January 2024. The increase is attributed to inflationary pressures and volatility in commodity prices.
MG Motor India has confirmed that it will implement price increases for all its models from January 2024. The decision is driven by rising costs associated with overall inflation and increased commodity prices.
Audi, the German luxury car manufacturer, plans to raise prices in India by up to 2 per cent from January 2024. The price hike is attributed to the increasing input and operational costs.
Mahindra and Mahindra have also expressed their intention to increase prices for their automotive products, effective January 2024. The decision takes into consideration the outlook on inflation and commodity prices.
Also Read: IMD issues dense fog alert for THESE states for next two days