Tata Motors to increase CV prices from October 1 in third hike this year
Cumulative price increase of January 1, April 1 and October 1 hikes sees Tata Motors’ range of commercial vehicles getting costlier by up to 10 percent; company cites rising inputs costs and BS6 emission norms as the key reasons.
Tata Motors, India’s largest commercial vehicle manufacturer, has announced that it will increase prices of its vehicles, effective October 1, 2023, by up to 3 percent. The company has cited the latest price increase, applicable across the entire range of commercial vehicles, as a measure “to offset the residual impact of the past input costs."
This latest price increment marks the third price hike in the year to date for the Tata Motors range of CVs. The first price increase, announced on December 13, 2022, by up to 2% and varying as per model and variant, kicked in on the first day of CY2023.
The second hike – by up to 5% – was announced on March 21 and became effective from April 1, 2023. This was attributed to “the company's efforts to comply with the more stringent BS6 phase II emission norms.”
In August 2023, Tata Motors sold a total of 32,077 CVs, comprising 30,748 units in the domestic market (up 4.9% YoY) and 1,329 units overseas (down 39% YoY). As per the company, domestic sale of MH&ICVs in August 2023, including trucks and buses, stood at 13,306 units, compared to 12,069 units in August 2022. Total sales for MH&ICVs (domestic and international business) in August 2023, including trucks and buses, stood at 13,816 units compared to 12,846 units in August 2022.
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