Tata Motors to hike prices of commercial vehicles by 2% from October 1

Tata Motors is going to increase the prices of its commercial vehicles by around 2% from October 1. The move is being done to offset the impact of rising input costs, the company said on Tuesday. The price hike, will be implemented based on the model and the variant of the vehicle, the auto major said in a statement. It stated that the cost of commodities like steel and precious metals which were on a continued rise, pushed the company to take this decision.

The company, at various levels of manufacturing has strived to control the price rise by absorbing a certain portion of the cost.

In the past year, the input costs have increased for automakers due to a gradual increase in price of essential commodities like steel and precious metals.

Tata Motors is the country’s largest manufacturer of commercial vehicles which includes trucks, buses and light commercial vehicles.

Maruti Suzuki and Hero MotoCorp also increased prices

India’s largest carmaker Maruti Suzuki India (MSI) had increased prices of its entire product range by up to 1.9%, except Celerio, earlier this month.

This was MSI’s third price hike this year. It had also noted that the company has taken the decision to hike prices due to an increase in various input costs.

Two-wheeler major, Hero MotoCorp has raised prices three times already this year. Since September 20, it had revised ex-showroom prices of its motorcycles and scooters by Rs 3,000

The company had raised prices of motorcycles and scooters by up to Rs 1,500 in January and again by Rs 2,500 in April this year owing to rise in input costs.