Tata Motors To Hike Prices By Up To 2% On Commercial Vehicles This July 2024: Here Are The Details

The 2 percent price hike will be applicable across the entire range of Tata Motors commercial vehicles. Read on for more details

Key Highlights

• The price hike announcement comes as a counterbalance to the rising costs of resources.
• The company announced its plans to invest significantly in its electric vehicle business. 
• The set target to make the said investments is by the year 2029-30 (FY30).

Tata Motors, one of India’s leading commercial vehicle manufacturers popular for high torque-oriented commercial-grade trucks announce a price hike of up to 2 percent effective from July 1, 2024. This announcement comes as a counterbalance to the rising costs of resources, particularly raw materials to adjust the business performance accordingly. 

The company mentions in a press release that the price hike is applicable across its entire range of commercial vehicles, with increments justified based on individual models and variants. As per publications, this is the second price hike in 2024 similar to the price increase that was witnessed by customers which marked a 2 percent hike in March. 

Tata Motors asserts that the price hike is inevitable considering the increase in the cost of raw materials used in its manufacturing process ensuring rigidity and top-quality products. Moreover, with the price increase, Tata Motors’ shares have seen a 26.6 per cent rise this year, although the company recorded a slight dip of 0.2 percent today. 

Related Link: Tata Motors Announces Price Hike On Commercial Vehicles From April 2024

What Makes Tata Motors Unique? 

Part of the USD 150 billion Tata group, Tata Motors Limited (BSE: 500570 and 570001; NSE: TATAMOTORS and TATAMTRDVR), a USD 44 billion organisation, is a leading global automobile manufacturer of utility vehicles, pick-ups, trucks, and buses, offering
an extensive range of integrated, smart, and e-mobility solutions. 

With ‘Connecting Aspirations’ at the core of its brand promise, Tata Motors is one of India’s market leaders in commercial vehicles and ranks among the top three in the passenger vehicles market. 

Tata Motors: Near Future Plans

Tata Motors, as a commercial vehicle manufacturer maintains a significant global presence. Recently, the company announced its plans to invest approximately Rs 16,000 crore to Rs 18,000 crore towards its electric vehicle division to enhance its business presence across the country and globally. The set target to make the said investments is by the year 2029-30. 

What We Think? 

With the significant investments to be made throughout the coming years to enhance the electric mobility sector and improve business presence, Tata Motors is heading in the right direction. However, the announcement of the price hike may come as a surprise to its customers such as logistics planning to make a purchase in the month of July 2024. 

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