TNI || New Delhi || 23rd March 2022
Tata Motors, India’s largest automaker, announced a price increase for its commercial vehicle lineup on Tuesday, March 22. From April 1, 2022, a price rise in the range of 2-2.5 percent will take effect across the spectrum, based on the particular model and version.
Commercial vehicle prices are up as a result of rising commodity prices such as steel, aluminium, and certain other precious metals, as well as increasing prices of other raw materials.
As per a statement released by Tata Motors, although the business has taken steps to absorb a considerable amount of the additional expenses, the sharp increase in overall input prices makes it important to pass on a little remaining percentage via a minimal price adjustment.
At the beginning of this year too, the company hiked the rates for commercial vehicles.
Meanwhile, a top company executive has revealed that Tata Motors plans to invest Rs 15,000 crore in the electric vehicle category over the next five years.
According to Tata Motors Passenger Vehicles Business President, Shailesh Chandra, the company, which is a pioneer in the rapidly emerging EV market with options such as Nexon, is looking to produce roughly 10 additional new releases in the segment.
TPG, a private equity firm, had invested USD 1 billion in the company’s electric vehicle section, valuing it at USD 9.1 billion.