Tata Motors to hike commercial vehicle prices by 2% from July 1, 2024

20 Jun 2024 CW Team

Tata Motors announced via an exchange filing, that it will raise prices of its commercial vehicles by up to 2% effective July 1, 2024. This decision is aimed at equalising the impact of rising commodity prices. The price adjustment will be applied across Tata Motors' entire range of commercial vehicles, with specific increases varying by model and variant.

Tata Motors, a prominent manufacturer of trucks and buses in India with a global presence, recently disclosed selling 29,691 commercial vehicles in May, marking a 2% increase compared to the same period last year. The breakdown of sales showed varied performance- while overall truck sales amounted to 12,402 units, Heavy Commercial Vehicles (HCVs) experienced a 3% decline, dropping from 8,160 units in May 2023 to 7,924 units in May 2024. In contrast, the Intermediate Light Medium Commercial Vehicle (ILMCV) segment saw substantial growth, with sales rising by 30% from 3,450 units to 4,478 units during the same period. The move by Tata Motors to adjust prices could prompt other automakers to consider similar measures in response to escalating costs of commodities.

(Source: ET)

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