The country’s largest commercial vehicle manufacturer Tata Motors will increase prices of its trucks and buses by 1-1.5 percent next month due to a consistent rise in raw material cost.
A top company official confirmed to Moneycontrol that a price hike is on cards. The Mumbai-based company has already increased prices of its products thrice this financial year.
The hike in January will come on the back of subdued demand conditions and in the run-up to the move to Bharat Stage VI emissions norms next year.
“We have taken price hike in May and then again in July and once again in October. The commodity price hike is unprecedented. While we have a very aggressive cost reduction practice we had to pass on some of the hikes to the customer. In January we will have another price increase. It will depend from segment to segment but broadly speaking it should be in the range of 1-1.5 per cent,” said Girish Wagh, President (Commercial Vehicle Business Unit), Tata Motors.