Tata Motors on Tuesday said it will increase prices of its commercial vehicles by 2-2.5 percent, depending upon individual model and variant, from April 1.
The company, in a regulatory filing, said the decision to hike prices of commercial vehicles came because of an increase in the prices of commodities such as steel, aluminium and other precious metals.
"While the company has initiated actions to absorb a significant portion of the increased costs, at various levels of manufacturing, the steep rise in overall input costs makes it imperative to pass on some residual proportion via a minimised price hike," it added.
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Tata Motors reported double-digit growth of 27 percent in total sales at 73,875 units versus 58,366 units (YoY). Passenger vehicle sales went up by 47 percent to 39,981 units versus 27,225 units sold in the corresponding month last year.
Commercial vehicle exports went up by 35 percent at 3,658 units against 2,718 units (YoY).
Tata Motors had reported a consolidated revenue of Rs 72,229.3 crore for the quarter ended December 31, 2021, on the back of accelerated sales. In its quarterly earnings report, the company's revenue from commercial vehicles increased 28.7 percent, while its passenger vehicle segment too reported a 72.3 percent revenue increase.
"We continue to increase market share in every segment of commercial vehicles and set several new milestones in passenger vehicles with decade high sales for both the quarter as well as the calendar year 2021. We also recorded the highest ever EV sales during the quarter and sold 10,000 EVs in 9MFY22, crossing new milestones," Tata Motors Executive Director Girish Wagh had said.
Last month, Centre selected Tata Motors among other companies under the Production Linked Incentive (PLI) Scheme.
Last week, Mercedes-Benz India had said it would increase prices of the entire model range by up to 3 percent from April 1 in order to partially offset the impact of the increase in input costs.
First Published: Mar 22, 2022 1:41 PM IST
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