Homegrown automaker Tata Motors on Tuesday announced price increase of up to 5 percent for commercial vehicles starting from April 1, 2023. According to the vehicle manufacturer, the decision to increase prices is a result of the company's efforts to comply with the more stringent BS6 phase II emission norms.
The company, in a statement, said, “As Tata Motors transitions its entire vehicle portfolio to meet these standards, customers and fleet owners can expect a range of cleaner, greener, and technologically superior offerings that deliver higher benefits and lower total cost of ownership.”
Tata Motors also informed that the price increase will be applied across the entire range of commercial vehicles, with the exact amount varying according to the individual model and variant.
Tata Motors, in February 2023, had clocked a decline of 3 percent in commercial vehicle sales at 36,565 units against 37,552 units during the same period the previous year.
On January 27, the Indian automaker announced raising prices across all its internal combustion engine (ICE) passenger vehicles. According to Tata Motors, “It had been absorbing a significant portion of the increased costs on account of regulatory changes & rise in overall input costs and is hence passing on some portion through this hike.”
On February 10, Tata Motors hiked the price of the Tiago EV by around Rs 20,000. At that time, the company had additionally, increased the prices of the Nexon (internal combustion engine) by up to Rs 15,000 in the current week and has also made some changes to the variant line-up.
In the same month, the homegrown automaker completed BS6 Phase II Transition and refreshed its passenger vehicle portfolio with enhanced features. The shares of Tata Motors ended 0.4 percent higher at Rs 412.5 on Tuesday.
(Edited by : Vivek Dubey)
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