13 Dec 2022
Tata Motors announced a CV price hike of up to 2% from the next quarter of this financial year
Tata Motors is a major commercial vehicle company that has announced a price hike of up to 2% across all its commercial vehicle segments. This would come into effect from January 2023. The company further said that the increasing price range would depend on the model and its variants. It also cited that the main reason behind the price hike is the steep increase in input costs. As per the official statement, the company absorbs a big portion of increased input costs. But very high increasing costs compelled the company to pass some of the price hikes to the customers.
The change in the regulatory framework would bring stricter emission norms from 1st April 2023. It would directly impact production costs. So the price hike is just a matter of time. Earlier in April 2022, the company announced to raise its CV price by 2-2.5% and in July 2022, it declared to hike its CV price by 1.5-2.5%.
The company has already announced a hike in the price range of the passenger vehicle segment from next month. Earlier in November of 2022, Tata Motors increased the price range of its Passenger Vehicle portfolio for the fourth time in the year 2022. At that time, the company stated that steeply rising input costs were the main factor causing it to impose a higher price hike. Now the Passenger Vehicle price range increase has been around 3.45%, with 0.9% on 18th January, 1.1% on 23rd April, 0.55% on 9th July, and 0.9% on 7th November.
All the other brands contributed a good number in the commercial vehicle sales report and reported a growth of 12.71%. The sales of all other brands in November 2022 is 4,008 units which were closed at 3,556 units in the same month last year.
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