Tata Motors will increase the price of its commercial vehicle range with effect from October 1, 2021. The effective price hike, in the range of two per cent, will be implemented basis the model and the variant of the vehicle, the company announced on Tuesday.
“The continued rise in the cost of commodities, such as steel and precious metals, necessitates the company to pass on a part of it through increase in price of the products," it said.
“The company has further strived to minimise the increase in the price by absorbing a certain portion of the cost at various levels of manufacturing. Further, Tata Motors continues the efforts to deliver the lowest total cost of ownership for its customers and fleet owners," it added.
The effective price hike, in the range of 2 per cent, will be implemented based on the model and the variant of the vehicle, the auto major said in a statement.
The company noted that it has strived to minimise the increase in the price by absorbing a certain portion of the cost at various levels of manufacturing.
In the last one year, there has been a gradual increase in the prices of various essential commodities like steel and precious metals. It has led to increased input costs for the automakers.
Earlier this month, the country's largest carmaker Maruti Suzuki India (MSI) had increased prices of its entire product range, except Celerio, by up to 1.9 per cent.
(With agency inputs)
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