Tata Motors on Tuesday announced that the company is deciding to increase the prices of its commercial vehicles, which will range up to 2 % from January 2023, to balance the rise of input costs. The increasing price will vary according to the model and variant.
Tata Motors stated, “While the price increase will vary as per individual model and variant, it will be applicable across the entire range of commercial vehicles. The company has been absorbing a significant portion of the increased costs, but the steep rise in overall input costs has compelled it to pass on some proportion through this minimal price hike.”
Chairman N Chandrasekaran said, “Despite the margins being impacted by supply chain issues and runaway commodity inflation, our India business ended with strong free cash flows of ₹1,879 crores. We are committed to restoring the profitability of this business as it returns to competitive growth and inflation stabilises.”
As per their report, Tata Motors reported a 3% decline in domestic sales at 27,430 units against 28.295 units last year in November 2021. Last month the company also announced a price hike for its passenger vehicle range, up to 0.9%, depending on the model and variant.
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