Tata Motors hikes commercial vehicle prices
13:53, 21 September 2021
JLR-parent Tata Motors announced Tuesday that it will increase the prices of its commercial vehicles, effective 1 October.
India’s largest manufacturer of utility vehicles, trucks and buses told the bourses that “the effective price hike, in the range of 2%, will be implemented basis the model and the variant of the vehicle.”
The announcement nudged Tata Motor’s shares, which finished 0.86% higher at INR301.60 ($4.09) on the National Stock Exchange, valuing the nation’s largest original equipment manufacturer (OEM) at around INR1.08trn.
Raw material prices rise
“The continued rise in the cost of commodities, such as steel and precious metals, necessitates the company to pass on a part of it through (an) increase in (the) price of the products,” Tata Motors told shareholders. “The company has further strived to minimise the increase in the price by absorbing a certain portion of the cost at various levels of manufacturing. Further, Tata Motors continues the efforts to deliver the lowest total cost of ownership for its customers and fleet owners,” it added.
The company’s commercial and passenger vehicles are marketed in countries spread across Africa, the Middle East, South Asia, South East Asia, South America, Australia, the CIS, and Russia.
Electric vehicles
Last Saturday, National Geographic’s television channel aired a 44-minute show in India that documented Tata Motors’ electric vehicle (EV) capabilities.
The maker of passenger cars sells the brand new Tigor electric sedan, the Tigor-based XPRES-T EV for taxi operators, and the Nexon electric sport utility vehicle (SUV) in the sub-continent.
Tata Motor’s founders held over 46% of the company’s stock as of the quarter through June.
Read more: Indian stocks gain amid contagion fears in the region
Related topics