New Delhi: On Tuesday, Tata Motors announced an increase in the prices of its commercial vehicles in the range of 1.5-2.5 per cent. It will come into effect from 1st July 2022 across the range, depending upon individual model and variant, the company informed in an exchange filing.
“While the company takes extensive measures to absorb a significant portion of the increased input costs, at various levels of manufacturing, the steep rise in overall input costs makes it imperative to pass on a residual proportion via a minimised price hike,” the company said. Currently, Tata Motors is the largest commercial vehicle manufacturer in India and offers vehicles across Medium & Heavy Commercial Vehicle (M&HCV), Intermediate & Light Commercial Vehicle (I&LCV), Small Commercial Vehicle (SCV) and Buses.
In April 2022, Tata Motors had hiked the prices of its passenger vehicles by 1.1 per cent and those of commercial vehicles by 2 – 2.5 per cent to partially offset rising input costs. Tata Motors, which is already a leader in the electric vehicle (EV) segment for passenger cars with more than 80% share of the market is planning a similar, fast-paced introduction of electric solutions in commercial vehicles as well.
Recently, the commercial vehicle manufacturer has also launched its first fully electric commercial vehicle called ‘Ace Electric’ with a claimed driving range of up to 154 km. Tata Motors’ domestic commercial vehicle sales surged to 31,414 units in May as against 9,371 units in the same period last year, whereas its total sales jumped nearly three folds in May to 76,210 units compared to 26,661 units in COVID-hit May 2021.