Tata Motors on Monday officially announced that it would be increasing the prices of its commercial vehicles next month onwards. The entire commercial vehicles range from the auto manufacturer will see an upward price revision, effective from 1st January 2021. The homegrown auto company said that the price hike is a result of the steady rise in material and other input costs. BMW to Increase Vehicle Prices in India by Up to 2% from January 2021.
Also, the impact of forex and transition to BS6 norms have cumulatively escalated the cost of manufacturing vehicles. Thus, the company will be passing on this to the customers via appropriate price revisions. Thus far, the company had 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. Thus, the upward revision of prices will help the company to offset these costs.
It is important to note that the price increase will be carried out across the product portfolio which includes M&HCV, I&LCV, SCV & Buses. However, the exact price change will vary and it will depend on the individual model, variant and fuel type.
Tata Motors is not the first automaker to revise the prices for its products. Other manufacturers like Renault, Audi, BMW, Isuzu, Mahindra, Maruti Suzuki have announced a price hike across its product range from January 2021.
(The above story first appeared on LatestLY on Dec 21, 2020 11:29 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).