Tata Motors to raise commercial vehicles' prices from April
By siliconindia | Tuesday, 22 March 2022, 02:15:56 PM IST
Homegrown auto major Tata Motors on Tuesday has declared an impending price hike of its commercial vehicle range. An increase in price in the range of 2-2.5%, will come into effect from 1 April 2022 across the range, depending upon individual model and variant.
The increase in the prices of commodities such as steel, aluminium and other precious metals, in addition to higher costs of other raw materials, has incited this price hike of commercial vehicles.
“While the company has initiated actions to absorb a significant portion of the increased costs, at various levels of manufacturing, the steep rise in overall input costs makes it imperative to pass on some residual proportion via a minimized price hike," Tata Motors said in a statement.
The firm has earlier increased the price of commercial vehicles at the beginning of this year.
Meanwhile, Tata Motors is planning to invest Rs15,000 crore in the EV segment in the next five years, a top company official has said.
The company, which is a leader in the newly emerging EV sector with offerings such as Nexon, is also planning to develop around 10 more new offerings in the segment, President for Passenger Vehicles Business of Tata Motors Shailesh Chandra said.
"As far as future is concerned, in next five (years) we will invest Rs 15,000 crore in electrification. We are going to work on nearly 10 products with different kind of body styles, price, driving range options," Chandra said.
The company had raised USD 1 billion in funding from private equity major TPG in its EV division, valuing the business at USD 9.1 billion.
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