By Jasvir
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Updated On: 11-Dec-2023 06:36 AM
The increase in commercial vehicle prices is done to offset the residual impact of the past input costs, the company says. The company had earlier confirmed that prices including Tata electric vehicles will increase.
Tata Motors announced a price hike of up to 3% for its entire range of commercial vehicles. The new prices will be applicable starting from 1st January 2024.
Tata Motors, the leading commercial vehicle manufacturer in India, has announced an increase in commercial vehicle prices starting from 1st January 2024. The entire range of Tata commercial vehicles will see a price hike of up to 3% in India.
The affected commercial vehicles range includes Tata Ace Gold, Tata Intra, Tata Yodha Pickup, Tata Magic and Tata Winger among other popular models.
Reason for Increased Prices
The increase in commercial vehicle prices is done to offset the residual impact of the past input costs, the company says. The company had earlier confirmed that prices including Tata electric vehicles will increase. “We are considering a price hike across our passenger and electric vehicles in January. The extent of the hike and exact details will be announced in a few weeks,” said a spokesperson of Tata Motors.
Tata Motors isn’t the only automotive company to raise the commercial vehicle price. Earlier this month, Mahindra & Mahindra also announced the decision to increase the prices of its commercial vehicles effective from January 2024.
The decision to raise the vehicle price aligns with industry trend as other manufacturers such as Honda, Audi and Maruti Suzuki have also announced a hike in prices from January 2024.
This year India has also mandated stricter fuel efficiency norms which contributed to price hikes.
Also Read- Tata Motors Partners with HDFC Bank to offer Digital Financing
Tata’s Aim Going Forward
Going forward, Tata Motors strives to bring new products that captivate the imagination of GenNext customers. The company’s innovation efforts are focused on developing technologies that are both sustainable and suited for the evolving Indian market and customer needs.
The company also aims to revolutionise the Indian commercial vehicle marketplace by focusing on tech enabled automotive solutions catering to the future of mobility in India.
Additionally, the automaker is pioneering India’s Electric Vehicle (EV) transition and driving the shift towards sustainable mobility solutions by developing a tailored product strategy, leveraging the synergy between Group companies and playing an
active role in liaising with the Government of India in developing the policy framework.