Following the footsteps of its counterparts, Tata Motors on Monday announced its decision to hike the prices of all its commercial vehicles from January 1, 2021. The decision has been taken to offset the heightened input costs and expenditure.
In a press release, Tata Motors said, “The steady rise in material and other input costs, impact of forex and transition to BS-VI norms, have cumulatively escalated the cost of manufacturing vehicles.”
The company went on to say that while the CV maker was able to manage the increase in its operational costs, the current scenario has led them to pass on some portion of the increase in cost to be handled by its customers by means of price revisions across its models.
“The price increase is expected across the portfolio of M & HCV, I & LCV, SCV and Buses. The actual change in price will depend on the individual model, variant and fuel type,” Tata Motors added.