Rising input costs take the blame…
Tata Motors announces a price hike of 2% on all of their commercial vehicles, effective from January 2023. The company blames the steep rise in overall input costs as the reason behind the hike. The company officials issued a statement on Tuesday saying that the company’s been absorbing a major portion of the increased cost for a long time and is now compelled to raise the prices on the CVs to sustain business.
Though the entire commercial vehicle range will take the hike, the extent will vary across models and variants- topping at 2%. The revised prices will be effective from the beginning of 2023. Tata motors faced a steep fall in CV sales in 2022 as they were only able to sell 3.06% lesser units than in the same month last year.
A similar increase in prices of Tata’s passenger vehicles is also expected soon. Maruti Suzuki, Kia, Mercedes Benz, Renault and Audi have already announced price hikes for January 2023.