To offset the residual impact of the past input costs, Tata Motors on Sunday said it will hike prices of its commercial vehicles by up to 3 per cent from January 1, 2024. According to a statement from Tata Motors, the price hike would be implemented for all commercial vehicles, news agency PTI reported.
Several automakers have also revealed plans to raise vehicle pricing in January, including Maruti Suzuki, Hyundai Motor India, Tata Motors, Mahindra & Mahindra, Honda, and Audi.
In September this year, a similar announcement was made by Tata Motors where the company said that it would raise the prices of its commercial vehicles by up to 3 per cent from October.
Previously, the company increased the prices by 1.2 per cent in January and then 5 per cent in March to make sure the car complied with the new emission regulations. On April 1, India enforced more stringent regulations as part of Phase II of Bharat Stage 6, which includes the testing of real-time driving emissions. This move has resulted in elevated costs for automotive manufacturers, a Reuters report revealed.
(With Inputs From Agency)