TNI || New Delhi || 08th Dec 2021
After the passenger car segment, in the latest development, Buses and Trucks shall also cost 2.5% more starting January 2022.
The manufacturers attribute this step to the sharp rise in the raw material cost, especially steel.
We had already shared a couple of days back that Tata Motors will go ahead with the said price hike in the various segments like medium and heavy commercial vehicles, light CVs as well as small CVs.
The company, in a statement, said that the increase in the rates is due to the rise in commodity prices such as steel, aluminum, and also other precious metals required in manufacturing.
Tata Motors had confirmed that it is going for a price hike of 2 percent starting next year.
CV major, Ashok Leyland too has decided to go ahead with a price hike starting January across its range of offerings with the mark up fixed at 2 percent.
As Tata Motors did, Ashok Leyland had also increased the price of its vehicles earlier this year.
Manufacturers like Volvo Eicher Commercial Vehicles are also planning a rate increase because of the high raw material cost they are incurring.
As per Vinod Aggarwal, VECV MD and CEO, they are also thinking about a price increase as it has now become imperative.