On Monday, commercial vehicle major Tata Motors Ltd said the prices of its trucks and buses would increase by about 2.5 percent from January 1, 2022, onwards.
The price hike will be across the commercial vehicle segments – medium, heavy/intermediate/light/small, and bus.
Tata Motors said the increase in the prices of commodities such as steel, aluminum, and other precious metals, in addition to higher costs of other raw materials, has incited this price hike in commercial vehicles.
While the company is absorbing a significant portion of the increased costs at various levels of manufacturing, the steep rise in overall input costs makes it imperative to pass on some residual proportion via a minimal price hike, it added.
Several carmakers like Maruti Suzuki, Audi, and Mercedes-Benz too have announced price hikes from the New Year onwards citing an increase in input costs.