Tata Motors will increase commercial vehicle prices starting on January 1, 2024, by up to 3%

11 Dec 2023 , 09:40 AM

With effect from January 1, 2024, Indian automaker Tata Motors said on Sunday that it will increase the price of commercial cars by up to 3%. The company informed the exchanges that the price hike was intended to balance the remaining effect of previous input expenses.

It further stated that the increase will be applicable to all business vehicles.

Among other well-known models in the commercial lineup are the Tata Ace, Tata Intra, and Tata Winger.

In November 2023, Tata Motors recorded a 1.73 percent decrease in global sales, selling 74,172 vehicles, compared to 75,478 units in the same month the previous year. Tata Motors stated in a regulatory filing that overall domestic sales decreased by 1% to 72,647 units last month from 73,467 units in November 2022.

In November 2023, the company sold 28,029 commercial vehicles (CVs), a 4% decrease from 29,053 units sold in the same month the previous year.

The automaker had already declared that all prices, including those of electric cars, will rise. ‘We are considering a price hike across our passenger and electric vehicles in January,’ a company representative stated. In a few weeks, the precise specifics and hike’s scope will be revealed.’

Mahindra & Mahindra announced earlier this month that it would be raising the prices of its passenger and commercial vehicle models, with effect from January 2024. The company justified this as a calculated response to the growing challenges faced by the automotive industry due to rising inflation and the surge in commodity prices.

According to news agency PTI, Honda Cars India also intends to raise the price of their cars starting in January in an effort to lessen the impact of rising riding input costs. 

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