One of India’s largest commercial vehicles manufacturers, Tata Motors, has announced an upcoming price hike for its commercial vehicle range. More specifically, the automaker will implement a price hike of 2.5% on its vehicles starting from 1st January 2022. This price hike will affect segments such as M&HCV, I&LCV, SCV, Buses, basis individual models, and variants.
Tata Motors stated that the reasoning behind the price hike is due to the increase in prices of commodities. These include the rise in prices of steel, aluminium, other precious metals, and raw materials used in commercial vehicles. Currently, Tata Motors is absorbing a significant portion of the increased costs at its various levels of manufacturing. Due to the rise in overall input costs, Tata Motors has undertaken the decision to pass the price hike.
Tata Motors Price Hike of October 2021
Two months ago, Tata Motors had announced that it would increase the prices of its commercial vehicle range by 2%. The reasoning behind the price was the continued rise in commodity costs of steel and other precious metals. To compensate for the increase in commodity costs, Tata Motors had to introduce a price hike for its commercial vehicles. Currently, Tata Motors also aims to minimize the total costs of ownership for its customers and fleet owners.
New Additions to the Commercial Vehicle Range
In order to showcase its commitment to India’s economic growth, Tata Motors has unveiled 21 new products and variants. The commercial manufacturer has designed and engineered the products to fulfil the transportation of cargo along with the people. By spreading themselves across various segments and applications, the vehicles enhance Tata Motors’ established ‘Power of 6’ benefit proposition. Due to this, the vehicles offer specific usage and application whilst offering high productivity and a low cost of ownership.
The brand has been at the forefront of technology and product innovation that contribute to and facilitate the nation’s growth. Tata Motors also offers segment introduction along with value-added services for vehicle maintenance via the Sampoorna Seva 2.0 initiative. The brand is also known for its wide service network, which offers 24X7 optimal fleet management via Fleet Edge. Tata Motors aims to continually set new benchmarks for transportation solutions, offering customers more benefits and a low TCO.