Mumbai: Tata Motors Limited has announced a price increase of up to 2 percent across its range of commercial vehicles from July 1, 2024. The decision comes as a response to escalating commodity prices and will affect all models and variants.
As a key player in India's commercial vehicle sector and part of the $150 billion Tata Group, Tata Motors reported a turnover of $44 billion. The company is also among the top three in the passenger vehicle market. Despite the upcoming price hike, Tata Motors' share price showed a slight dip, trading down 0.18 percent at Rs 983.85 on the BSE at 12:27 pm today.
In an official statement, Tata Motors disclosed, "Tata Motors Limited to increase the price of its Commercial Vehicles from July 1, 2024." The revised pricing will be applied across the entire commercial vehicle lineup, with specific increases varying by model and variant.
This announcement follows Tata Motors' recent sales report, which showed the company sold 29,691 commercial vehicles in May, marking a 2 percent growth compared to the same period last year, according to ANI.
The price adjustment aims to offset the rising costs of commodities and sustain the company's operational viability while continuing to deliver value to its customers.
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