Tata Motors has announced a price increase of up to 2 per cent for its commercial vehicles effective from next month, the company informed the exchange in a filing on Wednesday.
"Tata Motors Limited will increase the price of its commercial vehicles from July 1, 2024," the company said in an official statement.
The automaker said that the price adjustment was necessitated to counterbalance the effects of rising commodity prices.
The new pricing will be implemented across the entire commercial vehicle range, with variations depending on the specific model and variant.
Tata Motors is an automobile manufacturer in India that manufactures both commercial and passenger vehicles. The company is among the top three in the passenger vehicles market in the country.
Recently, Tata Motors reported a total of 29,691 commercial vehicle sales in May, marking a 2 per cent increase compared to the same month the previous year.
The detailed breakdown of truck sales revealed mixed results. Overall truck sales reached 12,402 units. However, within this category, the sales of Heavy Commercial Vehicles (HCVs) experienced a slight decline. HCV sales fell by 3 per cent, dropping from 8,160 units in May 2023 to 7,924 units in May 2024.
On the other hand, the Intermediate Light Medium Commercial Vehicle (ILMCV) segment demonstrated robust growth. ILMCV sales surged by 30 per cent, rising from 3,450 units in May 2023 to 4,478 units in May 2024.
Other automakers are likely to follow the lead of Tata Motors and might raise prices.