Tata Motors quotes rise in input costs as the key cause for the revision
Tata Motors has announced an upcoming price hike for its commercial vehicle range. In what would be the second hike of the year, the prices of Tata CVs would go up by 2-2.5%, depending on models and variants. The updated prices would come into effect on April 1, 2022. Much like the previous instances, Tata has quoted rising input costs as the prime causes for the revision. The costs of Steel, Aluminium, and other precious metals have been on the rise in recent times, followed closely by the costs of other raw materials. These have apparently forced the manufacturer to increase vehicle prices. Tata Motors also states that the overall input costs at various levels of manufacturing have also gone up lately.
Tata has recently been strengthening its CV portfolio aggressively. 2021 was a great year for its CV business. However, it had hiked CV prices multiple times that year, citing similar reasons.