Auto major Tata Motors announced on Tuesday that it will raise the price of its commercial vehicles by 2 percent to 2.5 percent starting April 1, 2022. The price increase though will depend on individual models and variants, the company said in a regulatory filing.
Rising commodity prices such as steel, aluminum and other precious metals as well as higher other raw material costs have led to the decision, Tata Motors further said.
“While companies have begun action to absorb most of the cost increase, at various stages of manufacturing, the sharp increase in overall input costs makes it important to pursue some of the remaining parts through minimized price increases,” he added.
Last week, Mercedes-Benz India had said it would raise the price of the entire model range by up to 3 per cent starting April 1 to offset part of the impact of rising input costs.