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Tata Motors has announced that they will be increasing prices of its entire commercial vehicle lineup in India. The company stated that the entire commercial vehicle portfolio of Tata Motors will receive a price hike, which will be effective from the 1st of January 2021.
Tata Motors is the third brand after Mahindra & Isuzu to announce a price hike for its commercial vehicles. The company cited the steady rise in material and input costs, impact of FOREX and the transition to BS6 as the main reason for the price hike.
The company also stated, "The company had thus far been absorbing the addition in costs but with their steady rise in line with the market trend, it has become imperative to pass at least some portion of the cost increase to customers via appropriate price revisions."
Tata Motors is yet to reveal the exact price hike amount for its commercial vehicles. However, they did mention ‘appropriate' price revisions would be made. The company also stated that the exact price hike on each individual model, variant and the fuel type chosen.
Tata Motors is expected to hike prices across its commercial vehicle portfolio, which includes medium and heavy commercial vehicles (M&HCV), intermediate & light commercial vehicles (I&LCV), small commercial vehicles (SCV) and Buses.
Tata Motors, however, is yet to announce a price hike for its passenger vehicle segment in the Indian market. There are currently no updates on whether the home-grown brand will announce a price hike on its car models any time soon.
Most of Tata Motors' rivals though have already announced a hike. This includes the likes of Maruti Suzuki, Mahindra, Honda & Hyundai. Even luxury carmakers such as BMW and Audi have announced a price increase, starting next month.
Thoughts On The Tata Motors Commercial Vehicles Price Increase
Tata Motors is the latest commercial vehicle manufacturer to announce a hike in prices from January 2021. The new prices of the commercial vehicles will be announced either closer to the end of December or at the start of the new year.