According to the company's filing with the stock exchange, all cars will see the third price increase this year in the commercial sector, however specific increases will apply to different models and variants.
Digital Desk: In order to partially offset a sharp increase in input costs, Indian automaker Tata Motors Ltd. announced on Tuesday that starting in January, it would raise the prices of its commercial vehicles by up to 2%.
The third price rise this year in the commercial market will be applied to all cars but will vary between models and versions, the business said in an exchange filing.
"The company has been passing on a major amount of the increased expenses." However, the company was forced to pass on some proportion through this little price increase due to the sharp increase in overall input costs,"," the company stated.
While the cost of producing trucks and buses has declined from this year's highs, analysts have noted that the price of commodities like steel and aluminium has not.
The automaker from Mumbai has also increased the cost of vehicles four times so far this year.
Competitor Maruti Suzuki, which manufactures passenger cars, announced earlier this month that it would raise prices in January as a result of cost challenges brought on by recent regulatory requirements.
After the announcement, Tata Motors' shares, up 1.3% to 419.4 rupees, were fairly unchanged.
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