Tata Motors to hike commercial vehicle prices by up to 2% from January 2023
Tata Motors has announced that it will be increasing prices across its commercial vehicle line-up by up to two per cent from January 2023. The price hike will vary depending on the model and variant, the company said. The automaker said that it has been absorbing a significant portion of increased costs but a steep rise in overall input costs compelled the manufacturer to pass on the same to customers.
While the price hike is officially announced only for commercial vehicles, it’s only a matter of time when the passenger cars business will also witness an increment in prices. Recent reports quoted Shailesh Chandra, Managing Director, Passenger Vehicles Business - Tata Motors, saying that the company was contemplating increasing prices on its cars and electric vehicles starting next year. The regulatory change bringing stricter emission norms from April 1, 2023, will have an impact on production costs. Hence, a price escalation is only a matter of time.
It’s noteworthy to know that Tata Motors’ previous price hike came as recent as November 2022, so the new year price revision does seem a bit too early. That said, the Indian auto giant won’t be the first manufacturer to announce a price hike for the new year. Carmakers including Maruti Suzuki, Renault, Mercedes-Benz, Audi, and Kia have already announced price hikes for 2023.
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