From July 1, Toyota Motors will increase the prices of commercial vehicles in the range of 1.5 to 2.5 percent to moderately offset rising input costs, the company announced this Tuesday.
Tata Motors said that the hike will be effective across the range of commercial vehicles and the amount will individually depend on the model and the variant.
"While the company takes extensive measures to absorb a significant portion of the increased input costs at various levels of manufacturing, the steep rise in overall input costs makes it imperative to pass on a residual proportion via a minimized price hike," they said.
Tata Motors in the past April too had hiked the prices of its passenger vehicles by 1.1 percent and that of commercial vehicles by 2-2.5 percent to partially offset the rising input costs,
This is the third hike by Tata Motors this year alone after it raised the prices of its passenger vehicles by 0.9% in January and the commercial range by 2,5% in March.
"India’s largest commercial vehicle manufacturer has announced an impending price hike of its commercial vehicle range. An increase in price in the range of 1.5-2.5%, will come into effect from 1st July 2022 across the range, depending upon individual model and variant," Tata Motor said in a statement.
Additionally, they said, " it takes extensive measures to absorb a significant portion of the increased input costs, at various levels of manufacturing, the steep rise in overall input costs makes it imperative to pass on a residual proportion via a minimized price hike".
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